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Print - 2008-08-20
APNS congratulates people over victory against Musharraf regime

APNS congratulates people over victory against Musharraf regime

The APNS has congratulated the democratic forces and people of Pakistan on their historic victory against dictatorial regime of General Pervez Musharraf and hoped that the elected government would eradicate the undemocratic policies pursued during the nin
Published 20 Aug, 2008 12:00am
APNS congratulates people over victory against Musharraf regime

APNS congratulates people over victory against Musharraf regime

The APNS has congratulated the democratic forces and people of Pakistan on their historic victory against dictatorial regime of General Pervez Musharraf and hoped that the elected government would eradicate the undemocratic policies pursued during the nin
Published 20 Aug, 2008 12:00am
Home Depot beats estimates, keeps full-year view

Home Depot beats estimates, keeps full-year view

Home Depot Inc, the world's largest home improvement retailer, reported higher-than-expected quarterly profit on Tuesday as it held down costs and consumers took on spring projects. But the retailer said it still expects full-year profit to fall about 24
Published 20 Aug, 2008 12:00am
Home Depot beats estimates, keeps full-year view

Home Depot beats estimates, keeps full-year view

Home Depot Inc, the world's largest home improvement retailer, reported higher-than-expected quarterly profit on Tuesday as it held down costs and consumers took on spring projects. But the retailer said it still expects full-year profit to fall about 24
Published 20 Aug, 2008 12:00am
US likely to slip into recession

US likely to slip into recession

The United States is likely to slip into recession in the coming months as the cushioning impact of sharp interest rate cuts and tax rebates wears out, UBS bank economists said Tuesday. "Sharp cuts in interest rates and tax rebates have prevented the US e
Published 20 Aug, 2008 12:00am
ISE index gains 73.51 points

ISE index gains 73.51 points

Bulls strengthened their positions at the Islamabad Stock Exchange (ISE) on Tuesday where equities showed healthy signs during day's positive rally amid increase in index. ISE-10 Index was plus by 73.51 points from 2,510.07 to 2,583.58 points. Turnover am
Published 20 Aug, 2008 12:00am
ISE index gains 73.51 points

ISE index gains 73.51 points

Bulls strengthened their positions at the Islamabad Stock Exchange (ISE) on Tuesday where equities showed healthy signs during day's positive rally amid increase in index. ISE-10 Index was plus by 73.51 points from 2,510.07 to 2,583.58 points. Turnover am
Published 20 Aug, 2008 12:00am
Bullish trend on LSE

Bullish trend on LSE

Bullish trend prevailed on the Lahore Stock Exchange for the second consecutive day on Tuesday and the equities extended gains following fresh buying in blue chips, including the oil sector scrips. The LSE-25 index further jumped by 106.27 points and clos
Published 20 Aug, 2008 12:00am
Bullish trend on LSE

Bullish trend on LSE

Bullish trend prevailed on the Lahore Stock Exchange for the second consecutive day on Tuesday and the equities extended gains following fresh buying in blue chips, including the oil sector scrips. The LSE-25 index further jumped by 106.27 points and clos
Published 20 Aug, 2008 12:00am
Excise officials'' powers enhanced

Excise officials'' powers enhanced

A major anomaly has been removed in the Federal Excise Act 2005 to empower the excise officials for imposing default surcharge retrospectively on persons, who had claimed wrong adjustment of excise duty, inadmissible refund and drawback on exports of good
Published 20 Aug, 2008 12:00am
Excise officials' powers enhanced

Excise officials' powers enhanced

A major anomaly has been removed in the Federal Excise Act 2005 to empower the excise officials for imposing default surcharge retrospectively on persons, who had claimed wrong adjustment of excise duty, inadmissible refund and drawback on exports of good
Published 20 Aug, 2008 12:00am
Excise officials' powers enhanced

Excise officials' powers enhanced

A major anomaly has been removed in the Federal Excise Act 2005 to empower the excise officials for imposing default surcharge retrospectively on persons, who had claimed wrong adjustment of excise duty, inadmissible refund and drawback on exports of good
Published 20 Aug, 2008 12:00am
Cracks in coalition day after Musharraf quits

Cracks in coalition day after Musharraf quits

A day after President Pervez Musharraf quit, leaders of Pakistan's fractious coalition government squabbled over the judiciary on Tuesday and a bomb killed 25 people, underscoring the challenges facing the nation. Coalition leaders, who campaigned against
Published 20 Aug, 2008 12:00am
Coalition squabbles over judiciary: JUI-F and ANP given 72 hours

Coalition squabbles over judiciary: JUI-F and ANP given 72 hours

Coalition leaders, who met here on Tuesday, ended the meeting unceremoniously. There was no press conference and no joint communiqué. Nawaz Sharif and his team members left the venue without talking to media persons waiting outside Zardari House. Team mem
Published 20 Aug, 2008 12:00am
Coalition squabbles over judiciary: JUI-F and ANP given 72 hours

Coalition squabbles over judiciary: JUI-F and ANP given 72 hours

Coalition leaders, who met here on Tuesday, ended the meeting unceremoniously. There was no press conference and no joint communiqué. Nawaz Sharif and his team members left the venue without talking to media persons waiting outside Zardari House. Team mem
Published 20 Aug, 2008 12:00am
NJLI Pension Fund Rates

NJLI Pension Fund Rates

New Jubilee Life Insurance Pension Fund Rates on Tuesday (August 19, 2008).

Published 20 Aug, 2008 12:00am
Guard of honour at presidential palace

Guard of honour at presidential palace

As news of the three services contingents according a guard of honour to President Pervez Musharraf at the imposing presidential palace located on Constitution Avenue aired in the media, was described as public outrage that was mirrored in the National As
Published 20 Aug, 2008 12:00am
NJLI Pension Fund Rates

NJLI Pension Fund Rates

New Jubilee Life Insurance Pension Fund Rates on Tuesday (August 19, 2008).

Published 20 Aug, 2008 12:00am
'Pakistan: a vacuum in Islamabad'

'Pakistan: a vacuum in Islamabad'

While underscoring the need for Pakistan to have a clear and decisive leadership, a top British daily says that if the politicians cannot agree on a figure who can rise above the squabbles in Islamabad and endow him with the powers needed be effective in
Published 20 Aug, 2008 12:00am
NJLI Pension Fund Rates

NJLI Pension Fund Rates

New Jubilee Life Insurance Pension Fund Rates on Tuesday (August 19, 2008).

Published 20 Aug, 2008 12:00am
'Pakistan: a vacuum in Islamabad'

'Pakistan: a vacuum in Islamabad'

While underscoring the need for Pakistan to have a clear and decisive leadership, a top British daily says that if the politicians cannot agree on a figure who can rise above the squabbles in Islamabad and endow him with the powers needed be effective in
Published 20 Aug, 2008 12:00am
BRIndex30 up 356.52 points

BRIndex30 up 356.52 points

On Tuesday, BRIndex30 opened at 11,289.48 and remained positive for whole of the trading time. It closed at 11,646.12 with a net positive change of 356.52 points or 3.16 percent. It recorded intra-day high of 11,789.27 and intra-day low of 11,289.48.
Published 20 Aug, 2008 12:00am
BRIndex30 up 356.52 points

BRIndex30 up 356.52 points

On Tuesday, BRIndex30 opened at 11,289.48 and remained positive for whole of the trading time. It closed at 11,646.12 with a net positive change of 356.52 points or 3.16 percent. It recorded intra-day high of 11,789.27 and intra-day low of 11,289.48.
Published 20 Aug, 2008 12:00am
A cheap dollar on kerb, but not in banks

A cheap dollar on kerb, but not in banks

Dollar was available at cheaper rates on open (kerb) market than in banks on Tuesday. At interbank close (13.30 hours), the official parity was Rs 74.40 to a dollar while there were plenty of dollars available with exchange companies at Rs 74 to a dollar
Published 20 Aug, 2008 12:00am
A cheap dollar on kerb, but not in banks

A cheap dollar on kerb, but not in banks

Dollar was available at cheaper rates on open (kerb) market than in banks on Tuesday. At interbank close (13.30 hours), the official parity was Rs 74.40 to a dollar while there were plenty of dollars available with exchange companies at Rs 74 to a dollar
Published 20 Aug, 2008 12:00am
Closing of sterling rates

Closing of sterling rates

Closing of sterling rates at 1730 GMT - on Tuesday (August 19, 2008).

Published 20 Aug, 2008 12:00am
A cheap dollar on kerb, but not in banks

A cheap dollar on kerb, but not in banks

Dollar was available at cheaper rates on open (kerb) market than in banks on Tuesday. At interbank close (13.30 hours), the official parity was Rs 74.40 to a dollar while there were plenty of dollars available with exchange companies at Rs 74 to a dollar
Published 20 Aug, 2008 12:00am
Government entities have not paid Rs 6.336 billion electricity bills

Government entities have not paid Rs 6.336 billion electricity bills

Pakistan''s armed forces, Presidency and some federal government offices have been served electricity disconnection notices by Pakistan Electric Power Company (Pepco) for not paying their electricity bills, sources in Finance Ministry told Business Rec
Published 20 Aug, 2008 12:00am
Government entities have not paid Rs 6.336 billion electricity bills

Government entities have not paid Rs 6.336 billion electricity bills

Pakistan's armed forces, Presidency and some federal government offices have been served electricity disconnection notices by Pakistan Electric Power Company (Pepco) for not paying their electricity bills, sources in Finance Ministry told Business Reco
Published 20 Aug, 2008 12:00am
Spot dollar rates

Spot dollar rates

Spot Dollar rates from Khadim Ali Shah Bukhari & Co Ltd on Tuesday (August 19, 2008).

Published 20 Aug, 2008 12:00am
Government entities have not paid Rs 6.336 billion electricity bills

Government entities have not paid Rs 6.336 billion electricity bills

Pakistan's armed forces, Presidency and some federal government offices have been served electricity disconnection notices by Pakistan Electric Power Company (Pepco) for not paying their electricity bills, sources in Finance Ministry told Business Reco
Published 20 Aug, 2008 12:00am
Money Market Report

Money Market Report

Money market report by Khadim Ali Shah Bukhari & Co on Tuesday (August 19, 2008).
Published 20 Aug, 2008 12:00am
Draft stock exchanges demutualisation rules unveiled

Draft stock exchanges demutualisation rules unveiled

The Securities and Exchange Commission of Pakistan (SECP) on Tuesday issued draft Stock Exchanges (Corporatisation, Demutualisation and Integration) Rules, 2008 to expedite demutualisation and integration process of the stock exchanges.
Published 20 Aug, 2008 12:00am
Draft stock exchanges demutualisation rules unveiled

Draft stock exchanges demutualisation rules unveiled

The Securities and Exchange Commission of Pakistan (SECP) on Tuesday issued draft Stock Exchanges (Corporatisation, Demutualisation and Integration) Rules, 2008 to expedite demutualisation and integration process of the stock exchanges.
Published 20 Aug, 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 Tuesday (August 19, 2008).

Published 20 Aug, 2008 12:00am
Draft stock exchanges demutualisation rules unveiled

Draft stock exchanges demutualisation rules unveiled

The Securities and Exchange Commission of Pakistan (SECP) on Tuesday issued draft Stock Exchanges (Corporatisation, Demutualisation and Integration) Rules, 2008 to expedite demutualisation and integration process of the stock exchanges.
Published 20 Aug, 2008 12:00am
SECP offers minimum rules, tax incentives

SECP offers minimum rules, tax incentives

To attract maximum foreign investment in the corporate sector, the Securities and Exchange Commission of Pakistan (SECP) has offered minimum regulatory framework and tax incentives to the foreign ''Private Equity and Venture Capital Funds'' (PE&VCF), who
Published 20 Aug, 2008 12:00am
SECP offers minimum rules, tax incentives

SECP offers minimum rules, tax incentives

To attract maximum foreign investment in the corporate sector, the Securities and Exchange Commission of Pakistan (SECP) has offered minimum regulatory framework and tax incentives to the foreign 'Private Equity and Venture Capital Funds' (PE&VCF), who ar
Published 20 Aug, 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 Tuesday (August 19, 2008).

Published 20 Aug, 2008 12:00am
SECP offers minimum rules, tax incentives

SECP offers minimum rules, tax incentives

To attract maximum foreign investment in the corporate sector, the Securities and Exchange Commission of Pakistan (SECP) has offered minimum regulatory framework and tax incentives to the foreign 'Private Equity and Venture Capital Funds' (PE&VCF), who ar
Published 20 Aug, 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 Tuesday (August 19, 2008).

Published 20 Aug, 2008 12:00am
Directives to banks about removal of chiefs

Directives to banks about removal of chiefs

The State Bank of Pakistan has told Boards of Directors of banks, DFIs and MFB that whenever they decide to remove Presidents, CEOs or other heads before the expiry of their term time, the central bank must be informed at least two months ahead of the imp
Published 20 Aug, 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 Tuesday (August 19, 2008).

Published 20 Aug, 2008 12:00am
Directives to banks about removal of chiefs

Directives to banks about removal of chiefs

The State Bank of Pakistan has told Boards of Directors of banks, DFIs and MFB that whenever they decide to remove Presidents, CEOs or other heads before the expiry of their term time, the central bank must be informed at least two months ahead of the imp
Published 20 Aug, 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 20 Aug, 2008 12:00am
Directives to banks about removal of chiefs

Directives to banks about removal of chiefs

The State Bank of Pakistan has told Boards of Directors of banks, DFIs and MFB that whenever they decide to remove Presidents, CEOs or other heads before the expiry of their term time, the central bank must be informed at least two months ahead of the imp
Published 20 Aug, 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 20 Aug, 2008 12:00am
Suicide bomber kills 29 at Dera Ismail Khan hospital

Suicide bomber kills 29 at Dera Ismail Khan hospital

A suicide bomber killed 29 people at a hospital in Dera Ismail Khan on Tuesday, highlighting the militant challenge facing the government after the resignation of Pervez Musharraf. In other violence in the wake of Pervez Musharraf's decision to bow out on
Published 20 Aug, 2008 12:00am
New York cotton

New York cotton

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

Published 20 Aug, 2008 12:00am
Suicide bomber kills 29 at Dera Ismail Khan hospital

Suicide bomber kills 29 at Dera Ismail Khan hospital

A suicide bomber killed 29 people at a hospital in Dera Ismail Khan on Tuesday, highlighting the militant challenge facing the government after the resignation of Pervez Musharraf. In other violence in the wake of Pervez Musharraf's decision to bow out on
Published 20 Aug, 2008 12:00am
New York cotton

New York cotton

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

Published 20 Aug, 2008 12:00am
Saudi Arabia denies plane to take Musharraf

Saudi Arabia denies plane to take Musharraf

Saudi Arabia has denied it has a plane waiting for taking former president Pervez Musharraf to the Muslim Kingdom, a press report said on Tuesday, amid speculation Riyadh could offer him asylum. The Saudi ambassador to Pakistan, Ali Awad Esseiri, said med
Published 20 Aug, 2008 12:00am
Saudi Arabia denies plane to take Musharraf

Saudi Arabia denies plane to take Musharraf

Saudi Arabia has denied it has a plane waiting for taking former president Pervez Musharraf to the Muslim Kingdom, a press report said on Tuesday, amid speculation Riyadh could offer him asylum. The Saudi ambassador to Pakistan, Ali Awad Esseiri, said med
Published 20 Aug, 2008 12:00am
Brazilian soyabean output to stagnate

Brazilian soyabean output to stagnate

Soyabean production in Brazil is likely to stagnate early in 2009 due partly to government action against plantings on illegal land, German oilseeds analysts Oil World said in a report. But it said soyabean production in Argentina could reach record level
Published 20 Aug, 2008 12:00am
Musharraf to seek refuge in London?

Musharraf to seek refuge in London?

A leading British daily has quoted a Western diplomat in Islamabad as saying that Pervez Musharraf could first head for Saudi Arabia for Umra, but that London could be his ultimate destination. According to Daily Telegraph, the United States, a close ally
Published 20 Aug, 2008 12:00am
Activity at Karachi and Qasim ports

Activity at Karachi and Qasim ports

The Karachi Port handled 101,149 tonnes of cargo including 62,420 tonnes of import, 38,729 tonnes of export cargo and 3,743 loaded and empty containers (TEUs) during last 24 hours ending at 0700 hours on Tuesday. The freights comprised of 66,735 tonnes of
Published 20 Aug, 2008 12:00am
Musharraf to seek refuge in London?

Musharraf to seek refuge in London?

A leading British daily has quoted a Western diplomat in Islamabad as saying that Pervez Musharraf could first head for Saudi Arabia for Umra, but that London could be his ultimate destination. According to Daily Telegraph, the United States, a close ally
Published 20 Aug, 2008 12:00am
Bangladesh tea prices fall

Bangladesh tea prices fall

The average price of Bangladesh teas fell 1.01 percent to 119.50 taka ($1.74) per kg on poor quality at the weekly auction on Tuesday, brokers said. Nearly 1.28 million kg were sold at 119.50 taka per kg on average, down 1.22 taka from the last sale. The
Published 20 Aug, 2008 12:00am
Bush may contact Pakistani authorities soon

Bush may contact Pakistani authorities soon

US President George W. Bush plans to reach out to senior Pakistan officials soon in the wake of Pervez Musharraf's resignation as president, the White House said on Tuesday. "I, you know, would expect that the president will have high-level contact with t
Published 20 Aug, 2008 12:00am
Gold price fall seen set to revive Indian imports

Gold price fall seen set to revive Indian imports

Indian jewellers are paying gold importers more than double last month's premiums as they scramble to meet a resurgence in demand stoked by a steep fall in global prices and the approach of the Diwali festive season. The rise in premiums suggests a jump i
Published 20 Aug, 2008 12:00am
Bush may contact Pakistani authorities soon

Bush may contact Pakistani authorities soon

US President George W. Bush plans to reach out to senior Pakistan officials soon in the wake of Pervez Musharraf's resignation as president, the White House said on Tuesday. "I, you know, would expect that the president will have high-level contact with t
Published 20 Aug, 2008 12:00am
CIS rapeseed exports may triple: Oil World

CIS rapeseed exports may triple: Oil World

Sharply higher rapeseed production could almost triple exports from five major former Soviet states this season, German oilseeds analysts Oil World said in a report. Exports from CIS countries Belarus, Kazakhstan, Moldova, Russia and Ukraine were seen ris
Published 20 Aug, 2008 12:00am
Security situation along Pak-Afghan border reviewed

Security situation along Pak-Afghan border reviewed

The Tripartite Commission composed of senior military representatives from Afghanistan, Pakistan and coalition forces in Afghanistan, held its 23rd meeting in Afghanistan on Tuesday.
Published 20 Aug, 2008 12:00am
US corn futures rise

US corn futures rise

US corn futures closed 4 percent higher on Monday amid concerns about a turn to dry weather in the US Midwest, traders said. Several months rose the daily limit of 30 cents before backing down from session highs. CBOT corn closed 17-1/2 to 23-1/4 cents pe
Published 20 Aug, 2008 12:00am
Security situation along Pak-Afghan border reviewed

Security situation along Pak-Afghan border reviewed

The Tripartite Commission composed of senior military representatives from Afghanistan, Pakistan and coalition forces in Afghanistan, held its 23rd meeting in Afghanistan on Tuesday.
Published 20 Aug, 2008 12:00am
Vietnam coffee trade may pick up in early September

Vietnam coffee trade may pick up in early September

Vietnamese coffee farmers may sell their remaining stock for the last time early next month to buy fertiliser to help ensure a good harvest, traders said. Vietnam's coffee market has been slow in the past month as stocks dwindled and traders hoped they co
Published 20 Aug, 2008 12:00am
Pentagon plays down impact of Musharraf's departure

Pentagon plays down impact of Musharraf's departure

Instability in Pakistan always has the Pentagon worried about two things above all - the country's nuclear arsenal and the fight against al Qaeda and the Taliban in areas bordering Afghanistan. But US officials are playing down the impact the resignation
Published 20 Aug, 2008 12:00am
US wheat futures close sharply higher

US wheat futures close sharply higher

US wheat futures closed sharply higher on Monday as technical buying and short-covering sparked a rebound after sharp declines on Friday, traders said. Weaker dollar and spillover from soaring corn and soyabean futures added support. Some global weather c
Published 20 Aug, 2008 12:00am
Venezuela government takes over cement industry

Venezuela government takes over cement industry

The Venezuelan government has locked up control of more than 90 percent of the domestic cement industry with its nationalisation of one foreign-owned plant and pressured buyout of two others. In the most recent of a series of state take-overs of key forei
Published 20 Aug, 2008 12:00am
Dollar's slide gives impetus to cotton market

Dollar's slide gives impetus to cotton market

Declining trend in the dollar's value dominated the cotton market on Tuesday as the prices came down sharply, dealers said. The official spot rate was unchanged at Rs 4200, they said. In the ready business, the phutti prices were down by Rs 25 to Rs 1900-
Published 20 Aug, 2008 12:00am
Venezuela government takes over cement industry

Venezuela government takes over cement industry

The Venezuelan government has locked up control of more than 90 percent of the domestic cement industry with its nationalisation of one foreign-owned plant and pressured buyout of two others. In the most recent of a series of state take-overs of key forei
Published 20 Aug, 2008 12:00am
Upward trend in grams prices on grain market

Upward trend in grams prices on grain market

Bullish sentiment was seen on the grain market on Tuesday as grams prices turned higher due to strong demand ahead of Ramazan, dealers said. On the grams side, gram garda Punjab was up sharply at Rs 4600-4900, gram dal Punjab followed suit and rose at Rs
Published 20 Aug, 2008 12:00am
Venezuela government takes over cement industry

Venezuela government takes over cement industry

The Venezuelan government has locked up control of more than 90 percent of the domestic cement industry with its nationalisation of one foreign-owned plant and pressured buyout of two others. In the most recent of a series of state take-overs of key forei
Published 20 Aug, 2008 12:00am
US rice follows strong rallies

US rice follows strong rallies

US rough rice futures on the Chicago Board of Trade closed sharply higher in light trade on Monday, following strong rallies in other grains, traders said. September rice ended 49-1/2 cents higher at $16.65-1/2 per hundredweight, with new-crop November up
Published 20 Aug, 2008 12:00am
Fire guts Egypt's parliament

Fire guts Egypt's parliament

More than a dozen fire engines and military helicopters battled a massive fire that gutted the main building of Egypt's upper house of parliament on Tuesday and injured at least 10 people. Flames and clouds of smoke billowed in the air from the old three-
Published 20 Aug, 2008 12:00am