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Print - 2008-03-29
Cuba ends restriction on cellular phones

Cuba ends restriction on cellular phones

Cuba said on Friday it will allow all Cubans to buy and use mobile telephones for the first time in the latest step by new President Raul Castro to improve access to consumer goods. Cuba has the lowest rate of cellular telephone use in Latin America and t
Published 29 Mar, 2008 12:00am
North Korea raises tensions with missile launch

North Korea raises tensions with missile launch

North Korea test-fired a battery of short-range missiles on Friday in what analysts saw as a show of the reclusive state's anger at Washington and the new conservative government in Seoul.
Published 29 Mar, 2008 12:00am
Bush and Putin bank on friendship to heal rifts

Bush and Putin bank on friendship to heal rifts

US President George W. Bush will hope his personal chemistry with Russia's Vladimir Putin can ease their countries' rifts one last time when he goes next week to stay at the Russian leader's Black Sea villa.
Published 29 Mar, 2008 12:00am
EU urged to seize chance for new Russia ties

EU urged to seize chance for new Russia ties

The European Union should use the election of Dmitry Medvedev as Russia's next president as a chance for a fresh start in relations, the foreign ministers of Germany, Britain and Sweden said on Friday. Medvedev, elected earlier this month, will take over
Published 29 Mar, 2008 12:00am
EU in quandary over Tibet and Beijing Olympics

EU in quandary over Tibet and Beijing Olympics

The European Union exposed its differences on Friday over how to respond to China's suppression of Tibetan protests, with divergences over whether ministers should attend the opening of the Beijing Olympics.
Published 29 Mar, 2008 12:00am
Divided EU to weigh tense Russia, China ties

Divided EU to weigh tense Russia, China ties

The European Union will try to overcome sharp differences over dealing with rising powers Russia and China at a foreign ministers' retreat in Slovenia starting on Friday.
Published 29 Mar, 2008 12:00am
Senator Casey endorses Obama

Senator Casey endorses Obama

US Senator Robert Casey of Pennsylvania on Friday endorsed Barack Obama's campaign for the Democratic nomination for president in a boost for the Illinois senator. Casey could help Obama win over some of the state's white, socially conservative, blue coll
Published 29 Mar, 2008 12:00am
Pound dips to all-time low

Pound dips to all-time low

The pound slid to an all-time low versus the euro and lost ground to the dollar on Friday as soft house price and consumer confidence data pointed to a British economic slowdown.
Published 29 Mar, 2008 12:00am
Euro rises towards record high

Euro rises towards record high

The euro rose towards record highs versus the dollar on Friday after inflation-focused comments from a euro zone policymaker reinforced the view that European Central Bank is unlikely to cut rates any time soon.
Published 29 Mar, 2008 12:00am
Indian rupee soars

Indian rupee soars

The Indian rupee soared to its strongest in a month on Friday as overseas capital flowed in for the fiscal year end and traders speculated the central bank had stepped back to let it rise after inflation hit a 14-month high.
Published 29 Mar, 2008 12:00am
US Stocks: Friday's early afternoon trade

US Stocks: Friday's early afternoon trade

US stocks edged lower on Friday, with retail shares dragged down by a profit warning from J.C. Penney Co Inc and financial shares slipping on persistent worries about credit-related problems. Department store operator J.C. Penney Co Inc shares fell 7.5 pe
Published 29 Mar, 2008 12:00am
Credit spreads widen

Credit spreads widen

European credit spreads drifted wider on Friday in reaction to a sharp tightening early in the week, shrugging off mostly benign economic data that gave a small boost to US stocks. By 1628 GMT, the Markit iTraxx Crossover index, made up of 50 mostly "junk
Published 29 Mar, 2008 12:00am
Credit spreads widen

Credit spreads widen

European credit spreads drifted wider on Friday in reaction to a sharp tightening early in the week, shrugging off mostly benign economic data that gave a small boost to US stocks. By 1628 GMT, the Markit iTraxx Crossover index, made up of 50 mostly "junk
Published 29 Mar, 2008 12:00am
Asian bond spreads flat

Asian bond spreads flat

Asian credit spreads were range-bound in quiet trade on Friday, with renewed worries about the US economy and the health of the global financial sector offset by gains in the region's equity markets. The iTRAXX Asia ex-Japan high-yield index - a key measu
Published 29 Mar, 2008 12:00am
Asian bond spreads flat

Asian bond spreads flat

Asian credit spreads were range-bound in quiet trade on Friday, with renewed worries about the US economy and the health of the global financial sector offset by gains in the region's equity markets. The iTRAXX Asia ex-Japan high-yield index - a key measu
Published 29 Mar, 2008 12:00am
UK's top share index falls

UK's top share index falls

Britain's FTSE 100 index ended lower on Friday as banks and oil shares weighed, although Enterprise Inns jumped on hopes of becoming a low-tax real estate investment trust. The blue chip FTSE 100 index closed down 24.6 points, or 0.4 percent, at 5,692.9,
Published 29 Mar, 2008 12:00am
Huge US shift away from corn to soya acres

Huge US shift away from corn to soya acres

Record-high soyabean prices are expected to lure US farmers to make a huge shift away from corn production in 2008 and if the current cold, soggy weather pattern persists in key corn states, corn plantings may be cut even more dramatically than analysts n
Published 29 Mar, 2008 12:00am
London coffee, cocoa and sugar slide

London coffee, cocoa and sugar slide

London coffee, cocoa and sugar futures fell on Friday on investor selling to book profits before the end of the quarter, encouraged by a softer commodities sector due to a stronger dollar and weaker oil. "We're seeing profit-taking and book-squaring befor
Published 29 Mar, 2008 12:00am
Oil tumbles after Iraq crude pipeline system restarted

Oil tumbles after Iraq crude pipeline system restarted

Oil fell $2 on Friday after Iraq swiftly restarted a crude pipeline system that had been hit by a bomb attack the day before. US crude settled down $1.96 at $105.62 a barrel, erasing gains made Thursday after the attack on the pipeline feeding the Basra e
Published 29 Mar, 2008 12:00am
China soya outlook bearish

China soya outlook bearish

China's soyabean traders expect the market to stay bearish in the coming week due to tepid demand, while Beijing's increase of minimum purchase prices for grains have turned grain market bullish, according to an official survey.
Published 29 Mar, 2008 12:00am
New York cotton ends down on liquidation

New York cotton ends down on liquidation

Cotton futures reeled from liquidation by investors at the end of the month to finish lower Friday while players braced for release of a vital government plantings report next week, brokers said. The ICE Futures' May cotton contract dropped 1.22 cents to
Published 29 Mar, 2008 12:00am
India increases rice export floor price

India increases rice export floor price

India has raised the minimum export price for non-basmati rice to $1,000 per tonne free on board to protect domestic supplies as inflation rose to a near-14 month high and global prices of the grain continue to surge. Analysts said the revision would effe
Published 29 Mar, 2008 12:00am
Nickel rises, copper lower

Nickel rises, copper lower

Industrial metals reversed early gains on Friday, falling as investors banked profits, analysts said. Copper for delivery in three months, often seen as a gauge of real economic activity, ended the day at $8,405 per tonne at the London Metal Exchange, dow
Published 29 Mar, 2008 12:00am
Gold falls in London

Gold falls in London

Gold fell more than 2 percent in a broad commodities sell-off on Friday, with a rise in the dollar and softer oil prices dampening the metal's allure as an alternative investment. Other key precious metals, base metals and major soft commodities traded lo
Published 29 Mar, 2008 12:00am
US MIDDAY: cocoa and coffee down

US MIDDAY: cocoa and coffee down

Cocoa and arabica coffee futures trading on ICE Futures US were weak in early trade Friday, pressured by the strong dollar and speculative selling. Benchmark May contract fell $56 at $2,376 per tonne by 9:51 am EDT (1351 GMT), in a range from $2,356 to $2
Published 29 Mar, 2008 12:00am
US MIDDAY: sugar sags

US MIDDAY: sugar sags

Raw sugar futures slipped early Friday on modest speculative and fund sales as the sweetener again took its cue from the generally soft tone of other commodity markets, brokers said. The ICE Futures electronic May sugar contract fell 0.19 cent to 11.94 ce
Published 29 Mar, 2008 12:00am
US MIDDAY: wheat dips

US MIDDAY: wheat dips

Wheat futures on the Chicago Board of Trade fell early on Friday on technical weakness and spillover from a sharp drop in soybeans, traders said. Soybeans plunged more than 50 cents a bushel, trading with a newly expanded daily limit of 70 cents.
Published 29 Mar, 2008 12:00am
US MIDDAY: soyabeans lower

US MIDDAY: soyabeans lower

Soyabean futures at the Chicago Board of Trade fell on Tuesday. May soyabeans were down 68 cents at $12.59-1/4 per bushel, back months down 54 to 68 cents. Speculative profit taking before the release on Monday of USDA's March plantings report. Some nervo
Published 29 Mar, 2008 12:00am
US MIDDAY: copper falls

US MIDDAY: copper falls

US copper futures lost some ground early Friday after vaulting to their highest levels in three weeks, with a stronger dollar and quarter-end position squaring slowing some of the recent momentum, traders said.
Published 29 Mar, 2008 12:00am
US MIDDAY: gold tumbles

US MIDDAY: gold tumbles

New York gold futures fell sharply on Friday along with other metals, oil and agricultural commodity futures amid widespread talk that a large fund was liquidating all commodity positions as the quarter was ending, and drew other sellers into the fray, tr
Published 29 Mar, 2008 12:00am
Tearful Bilawal

Tearful Bilawal

While the newly elected leader of the house, Syed Yusuf Raza Gilani, entered the National Assembly, one could not help feeling sorry for Bilawal as he wiped away his tears among thumping desks, clapping of hands and deafening shouts of 'Benazir Zinda Hai'
Published 29 Mar, 2008 12:00am
Our national language

Our national language

I saw the inaugural session of the national assembly. It was a matter of great pleasure and pride to see that the entire session was conducted in Urdu. It was for the first time that one felt Urdu is our national language.
Published 29 Mar, 2008 12:00am
Partly Facetious: an advice to new economic managers

Partly Facetious: an advice to new economic managers

"The Vice President of the World Bank has said that Pakistan needs to undertake rapid adjustments and reforms to avert an economic crisis." "I would disregard what he has to say."
Published 29 Mar, 2008 12:00am
US gold capital booms, but eyes downturn

US gold capital booms, but eyes downturn

When Elaine Barkdull Spencer's two sons were growing up, she vowed they would never work in gold mining, because of its capricious cycles of boom and bust. These days, both sons are in the industry and Barkdull Spencer isn't complaining. One of her sons,
Published 29 Mar, 2008 12:00am
The Weather

The Weather

The weather report on Friday (March 28, 2008) and the forecast for Saturday (March 29, 2008).
Published 29 Mar, 2008 12:00am
Panic grips Asian rice trade

Panic grips Asian rice trade

When it comes to rice - the staple food in Asia - governments don't like to risk failing to fill their peoples' stomachs. Faced with rising rice prices on the international market and unprecedented price volatility, Asia's rice exporters, with the sole ex
Published 29 Mar, 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 29 Mar, 2008 12:00am
Tax collection target-2007-08: a critical appraisal

Tax collection target-2007-08: a critical appraisal

The Federal Board of Revenue (FBR) is facing a grim situation regarding achievement of revenue target fixed for fiscal year 2007-08 at Rs 1.025 trillion for its own inefficiency, corruption and lack of leadership. The tall claims to broaden tax base durin
Published 29 Mar, 2008 12:00am
Former CJP's call on Zardari: perceptions versus reality

Former CJP's call on Zardari: perceptions versus reality

As if the mechanism to restore the deposed judges was not a subject hot enough for national debate, we have this ex-Chief Justice Iftikhar Muhammad Chaudhry's call on Asif Ali Zardari on Thursday. Within minutes of breaking this news, a controversy was in
Published 29 Mar, 2008 12:00am
Still a long way to go

Still a long way to go

Proper control of monopolies is an integral feature of developed market economies. Pakistan has been trying to establish an effective policy framework in this crucial area for the last few years, but the overall impact has generally been patchy.
Published 29 Mar, 2008 12:00am
Cotton Spot Rates

Cotton Spot Rates

Official KCA spot rates for local dealings in Pakistan rupees on Friday (March 28, 2008).

Published 29 Mar, 2008 12:00am
Alliance Motors scam case adjourned till March 31

Alliance Motors scam case adjourned till March 31

Accountability Court (ACC-II) Karachi on Friday adjourned the hearing of Alliance Motors scam case till March 31. The case was fixed for final arguments on Friday but could not proceed. According to prosecution accused Muhammad Dawood cheated 48,250 inves
Published 29 Mar, 2008 12:00am
Poultry rates

Poultry rates

Wholesale poultry rates on Friday (March 28, 2008) and for Saturday (March 29, 2008).
Published 29 Mar, 2008 12:00am
Opposition to bring no-confidence motion against AJK Prime Minister

Opposition to bring no-confidence motion against AJK Prime Minister

Opposition groups have united to table a no-confidence motion against the AJK Prime Minister Sardar Muhammad Atiq Khan, an opposition spokesman said on Friday. A group in the government has also assured cooperation to the opposition for in-house change.
Published 29 Mar, 2008 12:00am
Lahore Grain Market Rates

Lahore Grain Market Rates

Grain and other commodity rates in rupees on Akbari Mandi on Friday (March 28, 2008).

Published 29 Mar, 2008 12:00am
Tree plantation campaign begins at UAF

Tree plantation campaign begins at UAF

A large number of Neem and Shehsham trees would be planted in and around the Campus during spring tree plantation campaign at UAF. This was stated by the UAF Vice Chancellor, Professor Dr Iqrar Ahmad Khan while inaugurating tree plantation campaign at the
Published 29 Mar, 2008 12:00am
NC, APHC welcome Gilani's election

NC, APHC welcome Gilani's election

Cutting across party affiliations, both pro and anti-India organisations in occupied Kashmir have welcomed the election of Syed Yousuf Raza Gilani as new Pakistani Prime Minister. The pro-India National Conference (NC) and pro-independence, the All Partie
Published 29 Mar, 2008 12:00am
Shipping Intelligence

Shipping Intelligence

Karachi Shipping Intelligence report incorporating changes till 7 am on Friday (March 28, 2008).

Published 29 Mar, 2008 12:00am
ICI announces 35 percent final dividend for 2007

ICI announces 35 percent final dividend for 2007

The Board of Directors of ICI Pakistan Limited have announced a final cash dividend of Rs 3.5 per ordinary share of Rs 10 for the year ending December 31 2007. With an earlier interim dividend of 25 per cent, ICI Pakistan has declared a total share divide
Published 29 Mar, 2008 12:00am
Shipping Intelligence

Shipping Intelligence

Karachi Shipping Intelligence report incorporating changes till 7 am on Friday (March 28, 2008).

Published 29 Mar, 2008 12:00am
ICI announces 35 percent final dividend for 2007

ICI announces 35 percent final dividend for 2007

The Board of Directors of ICI Pakistan Limited have announced a final cash dividend of Rs 3.5 per ordinary share of Rs 10 for the year ending December 31 2007. With an earlier interim dividend of 25 per cent, ICI Pakistan has declared a total share divide
Published 29 Mar, 2008 12:00am
Pakistan Rangers delegation returns today

Pakistan Rangers delegation returns today

A 15-member delegation of the Pakistan Rangers will return from India through the Wahga Border on Saturday after they had a biannual meeting with the Indian Border Security Force. Pakistan Rangers directors general and Indian force inspector general had a
Published 29 Mar, 2008 12:00am
72 officers recalled from civil departments: ISPR

72 officers recalled from civil departments: ISPR

A spokesman of ISPR on Friday clarified news item, which has been appearing in a section of the press regarding reversion of military personnel from civil departments.
Published 29 Mar, 2008 12:00am
THE RUPEE: parity with dollar almost unchanged

THE RUPEE: parity with dollar almost unchanged

The general trend in the currency market was firm on Friday as the rupee mostly retained its Thursday levels versus the euro and dollar, money experts said. The rupee stayed put for buying in relation to dollar at 62.80 while it performed better, recoveri
Published 29 Mar, 2008 12:00am
72 officers recalled from civil departments: ISPR

72 officers recalled from civil departments: ISPR

A spokesman of ISPR on Friday clarified news item, which has been appearing in a section of the press regarding reversion of military personnel from civil departments.
Published 29 Mar, 2008 12:00am
THE RUPEE: parity with dollar almost unchanged

THE RUPEE: parity with dollar almost unchanged

The general trend in the currency market was firm on Friday as the rupee mostly retained its Thursday levels versus the euro and dollar, money experts said. The rupee stayed put for buying in relation to dollar at 62.80 while it performed better, recoveri
Published 29 Mar, 2008 12:00am
CoAS announces various welfare measures for soldiers

CoAS announces various welfare measures for soldiers

Corps Commander Lieutenant General Ahsan Azhar Hayat has said that in connection with improvement of living standard of the soldiers the Pakistan Army has devised a comprehensive plan through which Rs 10 billion will be spent on renovation of existing acc
Published 29 Mar, 2008 12:00am
CDGK's work at Yousuf Goth land restrained

CDGK's work at Yousuf Goth land restrained

A division bench of High Court of Sindh (SHC) restrained City District Government Karachi (CDGK) from raising construction on disputed land of Yousuf Goth, Karachi West.
Published 29 Mar, 2008 12:00am
Increase in transport fares: KTI to hold meeting

Increase in transport fares: KTI to hold meeting

Transporters will hold an emergency meeting on March 29, for taking decision as to whether they give a call to observe transport strike on April 1 and 2. President Karachi Transport Ittehad (KTI) Irshad Bukhari said here on Friday that the meeting will al
Published 29 Mar, 2008 12:00am
All shares index report

All shares index report

The sector-wise all shares index report on Friday (March 28, 2008).

Published 29 Mar, 2008 12:00am
ZTBL earns pretax profit of over Rs 1.7 billion

ZTBL earns pretax profit of over Rs 1.7 billion

Zarai Taraqiati Bank Limited (ZTBL) has earned pretax profit of over Rs 1.7 billion as on December 31 2007, reflecting growth of 183 percent. This was observed and appreciated by the Board of Directors of the bank in its meeting held here, said a press re
Published 29 Mar, 2008 12:00am
ZTBL earns pretax profit of over Rs 1.7 billion

ZTBL earns pretax profit of over Rs 1.7 billion

Zarai Taraqiati Bank Limited (ZTBL) has earned pretax profit of over Rs 1.7 billion as on December 31 2007, reflecting growth of 183 percent. This was observed and appreciated by the Board of Directors of the bank in its meeting held here, said a press re
Published 29 Mar, 2008 12:00am
Rules for setting up CNG stations relaxed

Rules for setting up CNG stations relaxed

The federal government has allowed the provisional CNG license holders to import required machinery for setting up filling stations or purchase them from the approved local manufacturers of Oil and Gas Regulatory Authority (OGRA), provided they have compl
Published 29 Mar, 2008 12:00am
Lawyers observe one hour strike

Lawyers observe one hour strike

Lawyers on Friday stage a strike for one hour calling for the reinstatement of deposed judges and the judiciary. Office bearers and senior members also sat in a hunger-strike camp set up by the bar and the Save Judiciary Committee. Political party workers
Published 29 Mar, 2008 12:00am
Two killed in road mishap

Two killed in road mishap

Two persons killed when two speedy oil tankers collided at Motorway near Sheikhupura. Police said an oil tanker going from Islamabad to Lahore hit another oil tanker near Kot Ranjeet killing driver of an oil tanker and his helper Arif Hussain, private TV
Published 29 Mar, 2008 12:00am
LHC orders criminal case against SHO

LHC orders criminal case against SHO

The Lahore High Court (LHC) has ordered Sialkot's district police officer to bring up a criminal case against the Uggoki Police Station House Officer (SHO) for torturing a mother's son after he had arrested him illegally.
Published 29 Mar, 2008 12:00am
BOARD MEETINGS

BOARD MEETINGS

Board Meetings of Companies listed on the Karachi Stock Exchange.

Published 29 Mar, 2008 12:00am
Smeda-Jica support programme: 51 auto vendor units benefited

Smeda-Jica support programme: 51 auto vendor units benefited

The Chief Executive Officer of Small and Medium Enterprises Development Authority (Smeda), Shahid Rashid, has said that so far 51 automotive vendor companies have benefited from Smeda-Jica Industry Support Programme and urged the Japan International Coope
Published 29 Mar, 2008 12:00am
Board Meetings

Board Meetings

Board Meetings of Companies listed on the Karachi Stock Exchange.

Published 29 Mar, 2008 12:00am
Dividend/Bonus Announcements

Dividend/Bonus Announcements

Dividend/Bonus announcements by the companies listed on the Karachi Stock Exchange.

Published 29 Mar, 2008 12:00am
ECP to hold election review workshop today

ECP to hold election review workshop today

Election Commission of Pakistan (ECP), in collaboration with United Nations Development Programme (UNDP) is organising a review workshop on Saturday to get feedback on general elections.
Published 29 Mar, 2008 12:00am
Shares buy-back schedule

Shares buy-back schedule

Shares buy-back schedule of listed companies on Friday (March 28, 2008).

Published 29 Mar, 2008 12:00am
Pakistan Post receives over 1,000 letters for contest

Pakistan Post receives over 1,000 letters for contest

The Pakistan Post has received over 1,000 letters for International letters writing contest and the selection committee will soon finalise the letters and submit to Universal Postal Union (UPU).
Published 29 Mar, 2008 12:00am
Gold slightly down

Gold slightly down

Gold price on Friday went down slightly, by Rs 107 per 10 grams, to Rs 19435 per 10 grams from Rs 19542, in the local market following a decline of $3.5 an ounce in the yellow metal price in the world market where the commodity was traded at $945 an ounce
Published 29 Mar, 2008 12:00am
Proposed right issues

Proposed right issues

Right issues proposed by companies listed on Karachi Stock Exchange.

Published 29 Mar, 2008 12:00am
Establishment of Small Industrial Estate in doldrums

Establishment of Small Industrial Estate in doldrums

The establishment of the proposed Small Industrial Estate near Northern Bypass is in doldrums due to the negligence of the concerned officials. Sources in Sindh Government informed Business Recorder here on Friday that a small industrial estate was
Published 29 Mar, 2008 12:00am