Son of former provincial minister and Jamiat Ulema-e-Islam leader was shot dead here on Friday. Police claimed to have arrested two suspects who were involved in the killing. The police said that the incident took place on Spini road when the two armed op

Hamdard Public School (HPS) and the Consulate General of Japan at Karachi (Japan Cultural Centre) jointly held an informative programme about the culture of Japan in Madinat-al-Hikmah. This programme took place at the auditorium of the Bait-al-Hikmah.

The Supreme Court on Friday asked the federation to submit a comprehensive response in Balochistan law and order case after thorough consultations with Prime Minister Yousuf Raza Gilani and President Asif Ali Zardari.

Speaking on the background to the forum, CIMA County Head, Javaria Hassan said the topic was based on the grave national interest and impact it has on Pakistan. Economic power bases are moving East, in our direction, and in these circumstances are we read

A delegation of a Malaysian company which is building the Karachi-Hyderabad M-9 Motorway, called on President Asif Ali Zardari at Bilawal House here on Friday. The delegation headed by Tan Sari included Mutheu, Director, NG Chin Meng and Sarfraz Rizvi, Di

Foreign Minister of Iran Dr Ali Akbar Salehi called on President Asif Ali Zardari at Bilawal House here on Friday and extended invitation to the President to participate in the 16th NAM Summit to be held in Tehran in August 2012. Dr Ali Akbar Salehi was a

A man from Umrani tribe was killed; while three others sustained bullet injuries in an armed clash between two groups belonging to Brohi and Umrani tribes at village Shah Nawaz Umrani within the jurisdiction of Nabi Shah Wagan police station, Taluka Garhi

Meezan Bank - Pakistan's first and largest Islamic commercial bank acknowledged Athar Ali Khan for his winning the World of Betters global contest by Western Union. World of Betters (worldofbetters.com) is a global contest held by Western Union in which c

Meezan Bank - Pakistan's first and largest Islamic commercial bank acknowledged Athar Ali Khan for his winning the World of Betters global contest by Western Union. World of Betters (worldofbetters.com) is a global contest held by Western Union in which c

The Karachi Stock Exchange (KSE) has received corporate membership application from M/s Fortress Financial Services (Private) Limited Karachi. According to a notice issued here on Friday, the corporate membership application was received on the nomination

Thatta Cement Company Limited has approved an investment of seed capital for the formation and registration of a legal entity in Sri Lanka and obtaining necessary regulatory approvals and licenses for a cement grinding, storing and packing plant in Sri La

Bismillahir Rehmanir Raheem

Bismillahir Rehmanir Raheem

As federal finance minister Dr Abdul Hafeez Sheikh rose to present the federal budget for fiscal year 2012-13, history was being made; it was the first time that a government was presenting the federal budget for the fifth time in a row. This phenomeno

As federal finance minister Dr Abdul Hafeez Sheikh rose to present the federal budget for fiscal year 2012-13, history was being made; it was the first time that a government was presenting the federal budget for the fifth time in a row. This phenomenon i

Justice Sheikh Azmat Saeed took oath on Friday as the permanent judge of the Supreme Court (SC). Chief Justice of Pakistan (CJP) Iftikhar Muhammed Chaudhry administered oath to him in an oath-taking ceremony held at the apex court premises. Various dignit

Economists on Friday termed Fiscal Budget 2012-2013 an ambitious but unrealistic, saying that the budgetary estimates are unlikely to be achieved. "This is an unrealistic budget for the country's ailing economy and there are no incentives for the general

The government has proposed to allocate a total of Rs 12.76 billion for Ministry of Foreign Affairs in the federal budget 2012-2013 against outgoing fiscal year's revised estimate of Rs 12.14 billion. The break-up of the budgetary allocations include: Rs

The government has earmarked Rs 47,874 million for education affairs and services in the federal budget for 2012-13 against the revised allocation of Rs 39,513 million for the current year. An amount of Rs 15.8 billion has been earmarked in Public Sector

The initial reaction of traders and industrialists, who gathered at the Federation House here on Friday, on the budget 2012-13 was a mix between outright criticism and appreciation. Some of them approached by this correspondent expressed disappointment ov

The federal government has budgeted Rs 7.8 billion for health affairs and services in budget 2012-13 that is 196.5 percent higher than the revised budgetary estimates for 2011-12. Federal Budget 2012-13 denoted that allocations for health affairs and serv

The federal government has announced reduction in import duty on scrap of tyres and rubbers by 50 percent aimed at encouraging its use as alternate fuel in the cement industry. Importers can now import scrap of tyres and rubbers by paying only 10 percent

In the back-drop of upcoming election, the Federal Budget FY13 is prepared keeping populous measure in mind with overall expansionary theme which may fuel inflation, analysts said. "As expected it was an election budget with no major taxes and with a few

Showing a mixed reaction, traders on Friday termed fiscal budget 2012-13 "unclear" and "political" financial plan of the government as the Federal Finance Minister's speech left everyone to speculations. Talking to Business Recorder, Chairman Karachi Whol

A key government ally, the Muttahida Qaumi Movement (MQM), on Friday termed the federal budget 2012-13 a 'traditional' one, as it lacked any relief for the masses. Commenting on the budget, MQM's parliamentary leader Dr Farooq Sattar neither rejected nor

Pakistan Tehreek-e-Insaf (PTI) Friday said the budget reflects the same lack of vision and political will that has characterised last four years and which in this period has left Pakistan behind almost all other developing economies in the pursuit of deve

The budget for 2012-13 earmarked a raise of 8.91 percent for the Interior Ministry while its components, Pakistan Coast Guard and Civil Armed Forces, received a rise of 22.2 and 17.4 percent respectively in the federal budget for 2012-2013. Total amount e

The government has earmarked Rs 12.52 billion for loans and advances to be given to public sector organisations and govt servants in next fiscal year. Budget documents show that an interest-free Rs 40 million loan will be extended to the Water and Power D

The PPP-led coalition government finally managed to present its 5th budget, amid vociferous protests by opposition lawmakers who came to blows with members of the ruling coalition.

The government has provided an option to the importers, exporters and contractors to be assessed under the normal tax regime instead of the presumptive tax régime (PTR). Taking to Business Recorder here on Friday, Syed Naved Andrabi a leading tax e

The government budgeted Rs 70.157 billion for public order and safety affairs in the next fiscal, increasing the allocation by 8.4 per cent, against Rs 61.85 billion set aside during the current fiscal. The police department was given a major share of the

The government has proposed provision of life time security to every person who held the office of prime minister for not less than two years in the Finance Bill 2012 presented Friday in the National Assembly. According to Finance Bill-2012, Amendment of

The Presidential Ordinance being made part of the Finance Bill is likely to bode well for the stock market on the whole, analysts said. With the reduction in custom duty slabs and sales tax, for the first time post budget inflation number is likely to be

The national defence budget has been jacked up by nearly 6 per cent (Rs 35.2 billion) for the next fiscal year amid expectations that the US government will soon restore military aid to Pakistan. Defence allocation has been raised to Rs 545. 3 billion for

The government has estimated net capital receipts at Rs 477.779 billion in 2012-13 against Rs 395.652 billion in the budget estimates of 2011-12 and Rs 525.497 billion in the revised estimates 2011-12. Total amount of receipts has been estimated at Rs 541

Deputy Chairman of the Sub-committee for European Law of the Legal Committee of the German Federal Parliament (Bundestag) Stephan Thomas has said that competition is the cornerstone of the German social market economy which is founded on the values that a

People protesting against prolonged and unscheduled power outages here on Friday turned violent and torched the office of SDO Wapda Pirwadhai circle, besides blocking roads by setting tires on fire and uprooting hoarding and signboards. The protestors cha

Defa-e-Pakistan Council (DPC) on Friday staged a protest sit-in against the possible resumption of Nato supplies through Pakistan land routes to Afghanistan, as the council's leaders threatened to launch a countrywide drive to block transportations to wes

A charitable Technical Training Centre is being completed at a cost of Rs 100 million under the Pasban Welfare Foundation to impart deserving youth with vocational training. Chairman of Pasban's IT Group Shahnawazul Hassan said that the project was being

Armed robbers on Friday stormed a branch of the private bank located in Defence area of Khyaban-e-Badar commercial in the limits of Drakshan Police and got away with Rs 3.7 million. The police said the robbers, five in number, entered the bank, held the s

Punjab Chief Minister Muhammad Shahbaz Sharif on Friday said that he has never demanded to make Karachi a province and there was a mischief behind this proposal which he exposed and now a conspiracy for the division of Sindh has come to the fore. He said

Pakistan Muslim League-Nawaz (PML-N) has approached Sherazi brothers of Thatta, Mehar brothers of Ghotki, Mir Manzoor Panhwar, Nasir Shah and other political bigwigs of the province inviting them to join the party. Sources said that the PML-N had geared u

Three additional judges of Sindh High Court (SHC) took oath here on Friday. Chief Justice SHC Justice Mushir Alam administered oath to the new judges during a simple ceremony. With the appointment of Justice Sadiq Hussain Bhatti, Justice Naimatullah Phalp

Allied Bank recently held a special event to recognise the performance of its employees who did exceptionally well during the year 2011. The grand ceremony was organised at a local hotel which was also attended by members of the Board and senior managemen

Sindh Minister for Information and Technology Raza Haroon inaugurated Nadra Executive Registration Centre in North Nazimabad, Five Star Chowrangi. DG Nadra, Sindh Brigadier Zahid Hussain (Retd) and other distinguished guests were also present on the occas

The mindless bloodletting continues unabated in the city, as nine more people including two workers of Muttahida Qaumi Movement (MQM) were killed on Thursday, police and rescue sources said. Three persons were killed and another injured when unknown armed

The Federal Board of Revenue (FBR) has replaced zero rating facility on supplies against international tender with exemption in order to eliminate undue refunds in budget (2012-2013). Explaining the measure, a top Karachi-based sales tax expert, Arshad Sh

The absence of tax broadening measures and harmonisation of sales tax rate to 16 per cent proposed in budget 2012-13 will increase deficit financing and inflation in next fiscal year, tax experts said on Friday.

The portfolio of Sindh home department was taken back from the incumbent home minister Manzoor Wasan. President Asif Ali Zardari on Friday informed Wasan of the decision and told him that he could continue as minister without portfolio. Sources close to M

The Federal Board of Revenue (FBR) has failed to introduce any alternate measure in lieu of the controversial notification, 191(I)/2011, for obtaining basic particulars of unregistered customers.

The federal government has estimated Rs 6 billion subsidy for the Utility Stores Corporation (USC) to provide cheap commodities to masses. According to fiscal budget 2012-13 documents, government has enhanced subsidy for the USC by 200 percent to Rs 6 bil

The Federal Board of Revenue has revised upward limit of price tiers of cigarettes to enhance the Federal Excise Duty on locally produced cigarettes to generate additional revenue of Rs 10 billion in 2012-13. Through Finance Bill (2012-13) issued here on

At least 10 persons died in different incidents during the last 24 hours in the city. According to details, five persons drowned while bathing in a water drain (nullah) near Bhains Colony. The deceased were identified as Ghufran, Musharraf, Naseem, Bakhtz

University of Veterinary and Animal Sciences (UVAS) Vice-Chancellor Professor Dr Talat Naseer Pasha has stressed the need to ensure quality of milk to protect the health of people. He has also called for setting up of milk-testing labs in the cities to me

The weather report on Friday (June 01, 2012) and the forecast for Saturday (June 02, 2012).

Though the detailed budget documents are yet to be examined by the people, mixed reactions are given about the 5th budget of the present government. As no major incentives are announced for agricultural sector, exporters, traders and growers, the budget f

Pak-Qatar Family Takaful Managed Fund (PQFTL) announced unit prices for the following funds on May 29, 2012.

The federal budget 2012-13 has unrealistically estimated external financing to the tune of Rs 386.9 billion that is 71.1 percent higher than the revised estimates of Rs 226.2 billion for the current fiscal year.

Pak-Qatar Family Takaful Managed Fund (PQFTL) announced unit prices for the following funds on May 29, 2012.

The second consultative meeting for identification of Technical Vocational Education and Training (TVET) priority areas for TEVTA Punjab to be held here at a hotel on Saturday (today). Stakeholders of Construction, Textile, Leather, and Light Engineering

Pak-Qatar Family Takaful Managed Fund (PQFTL) announced unit prices for the following funds on May 29, 2012.

Modalities to ensure foolproof security measures and provision of other basic facilities to the devotees on the eve of 760th annual 3 days Urs celebrations of Hazrat Lal Shahbaz Qalandar (RA) at Sehwan Sharif were discussed in the meting presided over by

Gold and silver rates in rupees per 10 grams prevailing in major cities on Friday (June 01, 2012).

MOL announced on Friday the discovery of oil and gas in one of its appraisal wells. The Hungary-based oil exploration company said that the Makori East-2 well would yield 4,106 barrels of oil per day and 14.8mmcfd of gas. Pakistan Oilfields Limited holds

Gold and silver rates in rupees per 10 grams prevailing in major cities on Friday (June 01, 2012).

Azad Jammu and Kashmir Prime Minister Chaudry Abdul Majid has said that a strategy has been evolved to resolve the problems confronted the refugees settled various party of Pakistan. Under the plan a shelter will be provided to every refugee settled acros

The following were Thursday official prices.

The number of golden scholarships for deserving students offered by the Government College University Lahore Endowment Fund Trust (GCU EFT) on Friday increased to 20 after a private bank (Bank Al-Habib) donated Rs 1 million to the Fund for initiating anot

The following were Thursday official prices.

Despite reduction of customs duty by 5 percent on pharmaceutical raw materials in budget 2012-2013, the pharmaceutical manufacturers are not satisfied by the measure, as they say the industry is already enjoying 5 percent customs duty on import of several

Official KCA spot rates for local dealings in Pakistan rupees on Friday (June 01, 2012).

Federal Finance Minister Senator Dr Abdul Hafeez Shaikh on Friday unveiled Pakistan's budget for the next financial year 2012-13 that was seen very unassuming for trade and industry expecting more concessions. The budget is "neither a populist nor a refor

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

Model Town Football Academy's (MTFA) 8th football Summer Camp 2012 for Boys and Girls will commence on June 4 at MTFA Ground, Model Town where promising footballers of Lahore will show their skills "As a footballer, the best I can do for youth in Pakistan

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

The first lunar eclipse (Partial) of year 2012 will occur on June 4. An official of Pakistan Space and Upper Atmosphere Research Commission (SUPARCO) announced this here on Friday. This eclipse will not be visible from Pakistan. However, it will be visibl

Wholesale poultry rates on Friday (June 01, 2012) and for Saturday (June 02, 2012).

Cotton futures settled on Friday at its lowest level in nearly three years on all-around investor liquidation as weak economic data in the US and China combined with fears of malaise in Europe to deflate the market, with analysts fearing further weakness

Karachi Yarn Market Rates on Friday (June 01, 2012).

The most-active September copper contract on the Shanghai Futures Exchange ticked down 0.4 percent to close at 54,330 yuan ($8,500) a tonne on Friday. China consumes about 40 percent of the world's copper and Friday's data may push Beijing towards further

Karachi Yarn Market Rates on Friday (June 01, 2012).

Copper sank to its lowest level this year as investors worried about the outlook for the global economy after the United States gained the smallest number of jobs in a year, adding to pessimistic data out of China and Europe. Declines were kept in check,

Paper market rates in rupees on Friday (June 01, 2012).

Brent crude oil prices fell for a fourth straight day on Friday, dropping under $100 a barrel to a 16-month low after weak US and Chinese economic data thrashed markets and sent investors to perceived safer havens. Data showing US job growth stumbled in M

Pakistan Mercantile Exchange - PMEX (Formerly National Commodity Exchange Limited - NCEL) Trading Summary on Friday (June 01, 2012).

Tokyo Commodity Exchange rubber futures fell to a six-month low on Friday, ending the week down 4.4 percent in a fourth weekly decline after weak Chinese factory data highlighted concerns over the eurozone debt crisis and hurt investor sentiment. The most

Karachi Shipping Intelligence report incorporating changes till 7 am on Friday (June 01, 2012).

Friday's Rotterdam vegetable oil prices at 1600 GMT.

Karachi Shipping Intelligence report incorporating changes till 7 am on Friday (June 01, 2012).

Friday's Rotterdam vegetable oil prices at 1600 GMT.

Interbank closing rates for dollar on Friday (June 01, 2012).

US soyabeans hit a two-month low on Thursday and posted their biggest monthly decline since September as investors liquidated positions on worries of slowing global economic growth and as rain fell in the top US Midwest growing region. At the Chicago Boar

Open market rate in the kerb market in rupees on Friday (June 01, 2012).

Malaysian palm oil prices dropped to their lowest level in a week on Friday as investors worried about demand from China after weak manufacturing data and Spain's shaky finances, the latest signs that the eurozone debt crisis will further slow global grow

The recovery phase continued on the money market on Friday as the rupee rose from the bottom after hitting the all-time low during the two weeks against dollar, dealers said. Today, federal budget (2012-13) has been announced, now, interestingly, it is wa

Raw sugar and arabica coffee futures on ICE slid to their lowest levels in nearly two years on Friday as broad selling across commodity markets accelerated downtrends linked to abundant supply. Raw sugar futures fell with other financial markets as econom

The recovery phase continued on the money market on Friday as the rupee rose from the bottom after hitting the all-time low during the two weeks against dollar, dealers said. Today, federal budget (2012-13) has been announced, now, interestingly, it is wa

Gold ended May with its fourth straight monthly decline, the most in 12 years, but finished Thursday's trading session with a small daily increase as a deepening euro zone crisis prompted some investors to turn to gold amid flight from riskier assets. Spo

The following were the revised rates of debt securities on Friday (June 01, 2012).

Gold slipped on Friday, on course for a second straight week of losses, as a weaker euro sapped appetite for bullion amid the debt crisis in Europe while investors awaited a key US employment report later in the day for further trading cues. Spot gold sli