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Print - 2011-08-10
Ministry proposes Rs 5 per kg petroleum levy on CNG

Ministry proposes Rs 5 per kg petroleum levy on CNG

The Ministry of Petroleum has proposed a Rs 5 per kg petroleum levy on compressed natural gas (CNG), Business Recorder has learnt. The latest proposal comes a week after the government raised CNG prices by Rs 7 per kilogram. "The government would g
Published 10 Aug, 2011 12:00am
Ministry proposes Rs 5 per kg petroleum levy on CNG

Ministry proposes Rs 5 per kg petroleum levy on CNG

The Ministry of Petroleum has proposed a Rs 5 per kg petroleum levy on compressed natural gas (CNG), Business Recorder has learnt. The latest proposal comes a week after the government raised CNG prices by Rs 7 per kilogram. "The government would g
Published 10 Aug, 2011 12:00am
Ministry proposes Rs 5 per kg petroleum levy on CNG

Ministry proposes Rs 5 per kg petroleum levy on CNG

The Ministry of Petroleum has proposed a Rs 5 per kg petroleum levy on compressed natural gas (CNG), Business Recorder has learnt. The latest proposal comes a week after the government raised CNG prices by Rs 7 per kilogram. "The government would g
Published 10 Aug, 2011 12:00am
Perishable items: Trans loading, partial shipment allowed under APTTA

Perishable items: Trans loading, partial shipment allowed under APTTA

Following the directives of President Asif Ali Zardari, the government has allowed ''trans loading'' and ''partial shipment'' of the perishable items including wheat, sugar, rice, beef, pulses and other edible products of the Afghan transit cargo for meet
Published 10 Aug, 2011 12:00am
Perishable items: Trans loading, partial shipment allowed under APTTA

Perishable items: Trans loading, partial shipment allowed under APTTA

Following the directives of President Asif Ali Zardari, the government has allowed 'trans loading' and 'partial shipment' of the perishable items including wheat, sugar, rice, beef, pulses and other edible products of the Afghan transit cargo for meeting
Published 10 Aug, 2011 12:00am
Perishable items: Trans loading, partial shipment allowed under APTTA

Perishable items: Trans loading, partial shipment allowed under APTTA

Following the directives of President Asif Ali Zardari, the government has allowed 'trans loading' and 'partial shipment' of the perishable items including wheat, sugar, rice, beef, pulses and other edible products of the Afghan transit cargo for meeting
Published 10 Aug, 2011 12:00am
ST, FE returns date may be extended to August 26

ST, FE returns date may be extended to August 26

The Federal Board of Revenue (FBR) is likely to extend date for filing of sales tax and federal excise returns up to August 26, 2011. It is learnt that the FBR is seriously reviewing the proposal of the private sector to extend the filing date of sales ta
Published 10 Aug, 2011 12:00am
ST, FE returns date may be extended to August 26

ST, FE returns date may be extended to August 26

The Federal Board of Revenue (FBR) is likely to extend date for filing of sales tax and federal excise returns up to August 26, 2011. It is learnt that the FBR is seriously reviewing the proposal of the private sector to extend the filing date of sales ta
Published 10 Aug, 2011 12:00am
ST, FE returns date may be extended to August 26

ST, FE returns date may be extended to August 26

The Federal Board of Revenue (FBR) is likely to extend date for filing of sales tax and federal excise returns up to August 26, 2011. It is learnt that the FBR is seriously reviewing the proposal of the private sector to extend the filing date of sales ta
Published 10 Aug, 2011 12:00am
Greater partnership: Abdullah, Gilani reach consensus

Greater partnership: Abdullah, Gilani reach consensus

Pakistan and Saudi Arabia on Tuesday agreed to enhance co-operation and boost their ties in a comprehensive manner. Bilateral relations, co-operation and regional situation were reviewed during an audience by Prime Minister Syed Yusuf Raza Gilani with the
Published 10 Aug, 2011 12:00am
Greater partnership: Abdullah, Gilani reach consensus

Greater partnership: Abdullah, Gilani reach consensus

Pakistan and Saudi Arabia on Tuesday agreed to enhance co-operation and boost their ties in a comprehensive manner. Bilateral relations, co-operation and regional situation were reviewed during an audience by Prime Minister Syed Yusuf Raza Gilani with the
Published 10 Aug, 2011 12:00am
Government may not clear IPPs dues despite threats

Government may not clear IPPs dues despite threats

The government is unlikely to clear massive dues of independent power producers (IPPs) despite threats of curtailment in power generation by 750 mw, sources in PPIB told Business Recorder. IPPs have sent threatening signals at a time when the count
Published 10 Aug, 2011 12:00am
Government may not clear IPPs dues despite threats

Government may not clear IPPs dues despite threats

The government is unlikely to clear massive dues of independent power producers (IPPs) despite threats of curtailment in power generation by 750 mw, sources in PPIB told Business Recorder. IPPs have sent threatening signals at a time when the count
Published 10 Aug, 2011 12:00am
Government may not clear IPPs dues despite threats

Government may not clear IPPs dues despite threats

The government is unlikely to clear massive dues of independent power producers (IPPs) despite threats of curtailment in power generation by 750 mw, sources in PPIB told Business Recorder. IPPs have sent threatening signals at a time when the count
Published 10 Aug, 2011 12:00am
Closing of sterling rates

Closing of sterling rates

Closing of sterling rates at 1730 GMT - on Tuesday (August 09, 2011).

Published 10 Aug, 2011 12:00am
Gold touches record highs

Gold touches record highs

Gold prices hit another record high of 48,875 per 10 grams after gaining Rs 1843 per 10 grams in the local market compared to previous day''s 47,014 per 10 grams. "The rise in prices of local bullion market is due to international market''s volatile situa
Published 10 Aug, 2011 12:00am
Gold touches record highs

Gold touches record highs

Gold prices hit another record high of 48,875 per 10 grams after gaining Rs 1843 per 10 grams in the local market compared to previous day's 47,014 per 10 grams. "The rise in prices of local bullion market is due to international market's volatile situati
Published 10 Aug, 2011 12:00am
Gold touches record highs

Gold touches record highs

Gold prices hit another record high of 48,875 per 10 grams after gaining Rs 1843 per 10 grams in the local market compared to previous day's 47,014 per 10 grams. "The rise in prices of local bullion market is due to international market's volatile situati
Published 10 Aug, 2011 12:00am
Spot dollar rates

Spot dollar rates

Spot Dollar rates from Khadim Ali Shah Bukhari & Co Ltd on Tuesday (August 09, 2011).

Published 10 Aug, 2011 12:00am
BRIndex30 loses 286.55 points

BRIndex30 loses 286.55 points

On Tuesday, the BRIndex30 opened at 7,827.12 points and remained in negative throughout the trading session. It touched the intra-day high of 7,936.73 points and low of 7,738.78 points, and closed at 7,785.82 points with a net negative change of -286.55 p
Published 10 Aug, 2011 12:00am
Money Market Report

Money Market Report

Money market report by Khadim Ali Shah Bukhari & Co on Tuesday (August 09, 2011).
Published 10 Aug, 2011 12:00am
BRIndex30 loses 286.55 points

BRIndex30 loses 286.55 points

On Tuesday, the BRIndex30 opened at 7,827.12 points and remained in negative throughout the trading session. It touched the intra-day high of 7,936.73 points and low of 7,738.78 points, and closed at 7,785.82 points with a net negative change of -286.55 p
Published 10 Aug, 2011 12:00am
Index sheds 369.25 points

Index sheds 369.25 points

The KSE-100 index on Tuesday registered a heavy decline of 369.25 points to close near its intra-day lowest level at 11,034.92 due to massive selling pressure from both local and foreign channels on concerns over the US downgrade and fears of global reces
Published 10 Aug, 2011 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 09, 2011).

Published 10 Aug, 2011 12:00am
Index sheds 369.25 points

Index sheds 369.25 points

The KSE-100 index on Tuesday registered a heavy decline of 369.25 points to close near its intra-day lowest level at 11,034.92 due to massive selling pressure from both local and foreign channels on concerns over the US downgrade and fears of global reces
Published 10 Aug, 2011 12:00am
Index sheds 369.25 points

Index sheds 369.25 points

The KSE-100 index on Tuesday registered a heavy decline of 369.25 points to close near its intra-day lowest level at 11,034.92 due to massive selling pressure from both local and foreign channels on concerns over the US downgrade and fears of global reces
Published 10 Aug, 2011 12:00am
Investors will return to emerging Asia: ADB

Investors will return to emerging Asia: ADB

Asian financial markets are gripped by panic but solid economic fundamentals will lure investors back to the region once the turmoil subsides, an Asian Development Bank official said Tuesday. "What we are observing in the last two days in the market is re
Published 10 Aug, 2011 12:00am
Investors will return to emerging Asia: ADB

Investors will return to emerging Asia: ADB

Asian financial markets are gripped by panic but solid economic fundamentals will lure investors back to the region once the turmoil subsides, an Asian Development Bank official said Tuesday. "What we are observing in the last two days in the market is re
Published 10 Aug, 2011 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 09, 2011).

Published 10 Aug, 2011 12:00am
Investors will return to emerging Asia: ADB

Investors will return to emerging Asia: ADB

Asian financial markets are gripped by panic but solid economic fundamentals will lure investors back to the region once the turmoil subsides, an Asian Development Bank official said Tuesday. "What we are observing in the last two days in the market is re
Published 10 Aug, 2011 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 09, 2011).

Published 10 Aug, 2011 12:00am
Fed promises to keep rates low for at least two years

Fed promises to keep rates low for at least two years

The Federal Reserve said on Tuesday it will keep interest rates near zero for at least another two years in a move that disappointed markets hoping for more direct action to aid the flagging economy. In a divided decision, the US central bank also signall
Published 10 Aug, 2011 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 09, 2011).

Published 10 Aug, 2011 12:00am
Fed promises to keep rates low for at least two years

Fed promises to keep rates low for at least two years

The Federal Reserve said on Tuesday it will keep interest rates near zero for at least another two years in a move that disappointed markets hoping for more direct action to aid the flagging economy. In a divided decision, the US central bank also signall
Published 10 Aug, 2011 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 Commi
Published 10 Aug, 2011 12:00am
Fed promises to keep rates low for at least two years

Fed promises to keep rates low for at least two years

The Federal Reserve said on Tuesday it will keep interest rates near zero for at least another two years in a move that disappointed markets hoping for more direct action to aid the flagging economy. In a divided decision, the US central bank also signall
Published 10 Aug, 2011 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 10 Aug, 2011 12:00am
Wall Street roars back in wild trade

Wall Street roars back in wild trade

US stocks rallied on Tuesday in a volatile session as investors struggled to decipher the Fed's signals on the economy after a dizzying two-week slide. Buying accelerated into the close and the S&P 500 posted its best day in more than two years, following
Published 10 Aug, 2011 12:00am
Wall Street roars back in wild trade

Wall Street roars back in wild trade

US stocks rallied on Tuesday in a volatile session as investors struggled to decipher the Fed's signals on the economy after a dizzying two-week slide. Buying accelerated into the close and the S&P 500 posted its best day in more than two years, following
Published 10 Aug, 2011 12:00am
New York cotton

New York cotton

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

Published 10 Aug, 2011 12:00am
Replacement of PC-3 Orion aircraft: Pak-US deal scrapped

Replacement of PC-3 Orion aircraft: Pak-US deal scrapped

Pak-US deal to replace PC-3 Orion aircraft destroyed during the terrorist attack on PNS Airbase has been scrapped subsequent to the rising tensions in relations between the two allies in the war on terror. US government informed Pakistan that it would not
Published 10 Aug, 2011 12:00am
New York cotton

New York cotton

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

Published 10 Aug, 2011 12:00am
Replacement of PC-3 Orion aircraft: Pak-US deal scrapped

Replacement of PC-3 Orion aircraft: Pak-US deal scrapped

Pak-US deal to replace PC-3 Orion aircraft destroyed during the terrorist attack on PNS Airbase has been scrapped subsequent to the rising tensions in relations between the two allies in the war on terror. US government informed Pakistan that it would not
Published 10 Aug, 2011 12:00am
NATIONAL FOODS LIMITED

NATIONAL FOODS LIMITED

National Foods is a reputable Pakistani food company with over 250 products in twelve broad categories, ranging from ketchup to spices. The company was founded in 1970 to cater to the needs of Pakistani families, with a strong emphasis on the ingredients
Published 10 Aug, 2011 12:00am
NATIONAL FOODS LIMITED

NATIONAL FOODS LIMITED

National Foods is a reputable Pakistani food company with over 250 products in twelve broad categories, ranging from ketchup to spices. The company was founded in 1970 to cater to the needs of Pakistani families, with a strong emphasis on the ingredients
Published 10 Aug, 2011 12:00am
Vietnam's coffee trading freezes due to high prices

Vietnam's coffee trading freezes due to high prices

Coffee trading in Vietnam has been frozen due to high prices and thin stocks and the world's second-largest producer after Brazil could see shipment in calendar 2011 drop more than 5 percent, traders and an industry group said on Tuesday. Exports are esti
Published 10 Aug, 2011 12:00am
Russia switches to beet sugar refining

Russia switches to beet sugar refining

Russia is finishing its imported raw sugar refining season and is gradually switching to processing domestic sugar beets, the Russian Sugar Producers Union industry lobby said on Tuesday. The number of refineries, which are processing beets in the south o
Published 10 Aug, 2011 12:00am
Russia harvests grain from 30 percent of sown area

Russia harvests grain from 30 percent of sown area

Russia has so far harvested 39.8 million tonnes of grain by bunker weight as the campaign gained momentum in almost all grain-growing regions after a slow start caused by rains, Agriculture Ministry said on Monday. Farmers harvested grain from 30 percent
Published 10 Aug, 2011 12:00am
Bangladesh tea auction boycott ends

Bangladesh tea auction boycott ends

Buyers returned to the weekly tea auction in Bangladesh on Tuesday, ending two weeks of boycott after the government temporarily suspended a new tax, brokers said. More than 3 million kg of tea remained unsold due to the stalemate over the 5 percent new t
Published 10 Aug, 2011 12:00am
China becoming more active soyabean buyer: Oil World

China becoming more active soyabean buyer: Oil World

China appears to be buying more soyabeans on the global market after a prolonged period of weak purchasing and the United States is likely to benefit, Hamburg-based oilseeds analysts Oil World said on Tuesday. In the first four to five months of the curre
Published 10 Aug, 2011 12:00am
US wheat, corn and soya fall following equities and crude oil

US wheat, corn and soya fall following equities and crude oil

US wheat, corn and soyabeans fell again on Tuesday in the wake of falling equity and crude oil markets as investors sought low-risk assets, but falls were restrained by firm grain fundamental data. European and Asian stock markets nose-dived, gold rose an
Published 10 Aug, 2011 12:00am
Activity at Karachi and Qasim ports

Activity at Karachi and Qasim ports

The Karachi Port handled 116,809 tonnes of cargo including 88,043 tonnes of import cargo, 28,766 tonnes of export cargo and 3,256 loaded & empty containers during last 24 hours ended at 0700 hours on Tuesday. The total import cargo of 88,043 tonnes compri
Published 10 Aug, 2011 12:00am
Oil cake market rates

Oil cake market rates

The December vaida was up while the January vaida was unchanged on the forward cottonseed oilcake market on Tuesday in process of trading, dealers said. The December contract that had ended at Rs 1313.70 commenced with a gain of 20 paisa to Rs 1313.90. Th
Published 10 Aug, 2011 12:00am
Hectic trading witnessed on cotton market

Hectic trading witnessed on cotton market

Hectic trading was seen on the cotton market on Tuesday as mills and exporters showed fresh interest in buying to meet the future demand, dealers said. The Karachi Cotton Association (KCA) official spot rate was unchanged at Rs 6,200, they said. In the re
Published 10 Aug, 2011 12:00am
US Plains HRW wheat bids steady

US Plains HRW wheat bids steady

Hard red winter wheat basis bids held steady Tuesday in a quiet market as winter wheat harvest neared completion in the north, and farmers in the south worried about fall planting prospects. US wheat prices, meanwhile, fell sharply on Monday as part of a
Published 10 Aug, 2011 12:00am
Cottonseed rates up; wheat, Irri 6's down on grain market

Cottonseed rates up; wheat, Irri 6's down on grain market

Cottonseeds prices were higher on the wholesale gain market on Tuesday in process of trading, dealers said. On the seed side, cottonseed oilcake with bag Sindh were higher by Rs 50 to Rs 1150-1250, other items did not show any change due to balanced deman
Published 10 Aug, 2011 12:00am
Three US IPOs postponed amid tough market

Three US IPOs postponed amid tough market

Three initial public offerings were postponed on Tuesday, the latest casualties of volatile market conditions. Offerings by Portuguese mobile marketing and payment services provider TIM w.e. SGPS SA, which was expected to raise $146.3 million, and 3-D mot
Published 10 Aug, 2011 12:00am
Trichet calls on eurozone governments to do their 'duty'

Trichet calls on eurozone governments to do their 'duty'

European Central Bank chief Jean-Claude Trichet on Tuesday called on European governments, notably Italy and Spain, to "do their duty" in reducing public deficits and stabilising their finances. "In sum, since the fall of Lehman Brothers, this is the wors
Published 10 Aug, 2011 12:00am
S&P 'more concerned' about threats to bank profits

S&P 'more concerned' about threats to bank profits

Standard & Poor's is "more concerned" that a slower economy, sovereign debt issues and mortgage risks will depress US bank industry profits and credit quality, the ratings agency said on Tuesday. The comments come just a few days after S&P stripped the Un
Published 10 Aug, 2011 12:00am
China's output cools, inflation stays hot

China's output cools, inflation stays hot

China's industrial output grew at a slower pace in July while inflation unexpectedly quickened, putting the central bank in a bind as it tries to keep prices in check without dragging down an economy facing increasing threats from abroad. Industrial produ
Published 10 Aug, 2011 12:00am
US output falls, wage growth slows

US output falls, wage growth slows

US nonfarm productivity fell in the second quarter as economic activity slackened, while a moderation in the pace of wage growth suggested inflation pressures will remain contained. Productivity slipped at a 0.3 percent annual rate, the Labour Department
Published 10 Aug, 2011 12:00am
AOL posts surprise loss

AOL posts surprise loss

AOL Inc reported a surprise second-quarter loss on Tuesday, citing weaker-than-expected advertising growth that sent shares of the company plummeting as much as 20 percent on Tuesday. The company, which Time Warner spun off after a disastrous decade-long
Published 10 Aug, 2011 12:00am
AOL posts surprise loss

AOL posts surprise loss

AOL Inc reported a surprise second-quarter loss on Tuesday, citing weaker-than-expected advertising growth that sent shares of the company plummeting as much as 20 percent on Tuesday. The company, which Time Warner spun off after a disastrous decade-long
Published 10 Aug, 2011 12:00am
S&P raises Estonia rating

S&P raises Estonia rating

Credit rating agency Standard & Poor's upgraded eurozone newcomer Estonia on Tuesday, highlighting stable finances and strong growth prospects as the country recovers from a sharp economic slump. In a statement, Standard & Poor's said it had raised Estoni
Published 10 Aug, 2011 12:00am
Crisis-hit Tokyo Electric posts $7.4 billion loss

Crisis-hit Tokyo Electric posts $7.4 billion loss

Tokyo Electric Power Co, the operator of Japan's stricken nuclear plant, reported a $7.4 billion quarterly loss, nearly as big as its market value, due to a massive provision to compensate victims of the nuclear disaster, soaring fuel costs and a dive in
Published 10 Aug, 2011 12:00am
Crisis-hit Tokyo Electric posts $7.4 billion loss

Crisis-hit Tokyo Electric posts $7.4 billion loss

Tokyo Electric Power Co, the operator of Japan's stricken nuclear plant, reported a $7.4 billion quarterly loss, nearly as big as its market value, due to a massive provision to compensate victims of the nuclear disaster, soaring fuel costs and a dive in
Published 10 Aug, 2011 12:00am
UK's factory output slumps

UK's factory output slumps

British factory output fell unexpectedly in June, an unwelcome reminder of the poor state of the country's economy as it faces new challenges from global financial turmoil and widespread riots in London and other cities. The weak official data followed re
Published 10 Aug, 2011 12:00am
Opec cuts oil demand growth forecast

Opec cuts oil demand growth forecast

Opec, source of more than a third of the world's oil, cut its forecast for global oil demand growth this year as a worsening economic outlook curbs consumption in developed economies. The revision from the Organisation of the Petroleum Exporting Countries
Published 10 Aug, 2011 12:00am
Ouattara makes I Coast cabinet sign anti-graft pledge

Ouattara makes I Coast cabinet sign anti-graft pledge

Ivory Coast President Alassane Ouattara told his ministers on Tuesday to sign a code of ethics aimed at stamping out corruption and nepotism that he said makes his country one of the worst in the world to do business with. Since ousting former President L
Published 10 Aug, 2011 12:00am
Japanese finance minister refrains from launching leadership bid

Japanese finance minister refrains from launching leadership bid

Japan's Finance Minister Yoshihiko Noda postponed a reported plan to announce on Tuesday his bid to replace unpopular Prime Minister Naoto Kan, saying he would focus on confronting global financial market turmoil. Japanese media said Noda, who favours rai
Published 10 Aug, 2011 12:00am
Tsunami caused Manhattan-sized iceberg in Antarctica

Tsunami caused Manhattan-sized iceberg in Antarctica

The tsunami that struck Japan on March 11 propagated waves that hit an ice shelf in Antarctica 13,000 kilometres (8,100 miles) away, smashing parts of it into huge icebergs, the European Space Agency (ESA) said on Tuesday. On March 12, ESA's Envisat Earth
Published 10 Aug, 2011 12:00am
Thailand to pay $54 million debt, seeks release of prince's plane

Thailand to pay $54 million debt, seeks release of prince's plane

Thailand's government has provided a bank guarantee letter to a German court for 38 million euros ($54 million) so a plane impounded in Germany and owned by the Thai crown prince can be released, a foreign ministry official said on Tuesday.
Published 10 Aug, 2011 12:00am
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