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Print - 2013-06-14
Dar's flawed tax view

Dar's flawed tax view

Federal Finance Minister Ishaq Dar has explained in his post-budget press conference that Budget FY13 is all about initiating good measures of both austerity and growth. Dar has much to show in the context of a cut in current expenditure and also the rise
Published 14 Jun, 2013 12:00am
Palm oil slips

Palm oil slips

Malaysian palm oil futures fell to a one-week low on Thursday as investors continued to book profits from a recent rally in prices, although trading was thin amid caution ahead of upcoming export figures for the first half of the month. But a weaker ringg
Published 14 Jun, 2013 12:00am
US MIDDAY: raw sugar edges up

US MIDDAY: raw sugar edges up

Raw sugar futures on ICE edged up on Thursday on limited short-covering after slumping to the lowest level in nearly three years amid a strong downtrend as expectations of a third year of global surpluses weighed. ICE arabica futures inched up from the pr
Published 14 Jun, 2013 12:00am
Gold surges in New York

Gold surges in New York

Gold rose on Wednesday as sharp losses in US equities and a drop in the US dollar prompted the metal to rebound from the previous session's three-week low. After earlier rangebound trade with no major US economic data, bullion extended gains in late morni
Published 14 Jun, 2013 12:00am
Gold rises in Asia

Gold rises in Asia

Gold extended gains into a second session on Thursday, as Asian stock markets fell sharply and the US dollar dropped to a 10-week low on persistent uncertainty over the Federal Reserve's massive stimulus programme. Spot gold had climbed 0.2 percent to $1,
Published 14 Jun, 2013 12:00am
Gold extends losses

Gold extends losses

Gold extended earlier losses on Thursday as US economic data added to feverish speculation on the possible timing of scaled-back US Federal Reserve monetary stimulus. US stock futures turned positive and US bonds pared gains, while the dollar arrested fal
Published 14 Jun, 2013 12:00am
US MIDDAY: corn, soya down

US MIDDAY: corn, soya down

US grain futures shed 1 percent or more early on Thursday, with corn falling to a three-week low as growing conditions turned ideal in the Midwest grain belt, dampening bullish sentiment for tight old-crop supplies. Soyabean futures were heading for their
Published 14 Jun, 2013 12:00am
US MIDDAY: gold drops

US MIDDAY: gold drops

Gold fell almost 1 percent early on Thursday as encouraging US retail sales and job data fuelled speculation on the possible scaled-back US Federal Reserve monetary stimulus, weighing bullion's inflation-hedge appeal. Platinum group metals also tumbled on
Published 14 Jun, 2013 12:00am
Economic Survey - I

Economic Survey - I

Indeed, the new government has inherited a woefully bad economy, according to Pakistan Economic Survey, fiscal year 2012-13 started with continuous problems of power and gas shortages along with other internal and external challenges. The Survey has made
Published 14 Jun, 2013 12:00am
New York plans $20 billion shelter against storms

New York plans $20 billion shelter against storms

While the last Sandy storm victims return to their rebuilt homes, Mayor Michael Bloomberg unveiled a costly plan to build flood walls, levees and dunes to protect New York City from future destructive natural disasters. Bloomberg, who will finish his thir
Published 14 Jun, 2013 12:00am
Dengue fever no longer just a poor countries' disease

Dengue fever no longer just a poor countries' disease

Health officials in the US and Europe may soon be visiting South-East Asia for updates on the most effective means of fighting dengue fever, traditionally a poor countries' disease. A dengue outbreak was reported at the beginning of this year in Madeira,
Published 14 Jun, 2013 12:00am
Budget 2013-14: No will to tax the rich

Budget 2013-14: No will to tax the rich

By just tinkering with tax rates here and there and imposing or enhancing regressive taxes - fixing revenue collection target at Rs 2598 billion for fiscal year 2013-14 - the new government has confirmed that like its predecessors it has no political will
Published 14 Jun, 2013 12:00am
Budget 2013-14: No will to tax the rich

Budget 2013-14: No will to tax the rich

By just tinkering with tax rates here and there and imposing or enhancing regressive taxes - fixing revenue collection target at Rs 2598 billion for fiscal year 2013-14 - the new government has confirmed that like its predecessors it has no political will
Published 14 Jun, 2013 12:00am
The Survey 2012-13

The Survey 2012-13

Fiscal year 2012-13 was one the most frustrating years for the economy of Pakistan. According to the Economic survey released on 11th June, a day before the Annual Federal Budget, most of the key targets fixed at the beginning of the year, were missed by
Published 14 Jun, 2013 12:00am
The Survey 2012-13

The Survey 2012-13

Fiscal year 2012-13 was one the most frustrating years for the economy of Pakistan. According to the Economic survey released on 11th June, a day before the Annual Federal Budget, most of the key targets fixed at the beginning of the year, were missed by
Published 14 Jun, 2013 12:00am
New budget: APTMA fears high business costs

New budget: APTMA fears high business costs

Spokesman All Pakistan Textile Mills Association (APTMA) apprehended increase in the industrial cost of doing business and high inflation due to various budgetary measures introduced for the fiscal year 2013-14. Textile industry cannot sustain and export
Published 14 Jun, 2013 12:00am
Xpress Money, Tameer Bank launch door delivery service

Xpress Money, Tameer Bank launch door delivery service

Xpress Money, the world's most dependable money transfer brand, in association with Tameer Bank, on Thursday introduced the Door Delivery Service for its customers in Pakistan, at no additional cost to the beneficiary. This pioneering service has been lau
Published 14 Jun, 2013 12:00am
USAID launches programme to increase women's participation in trade

USAID launches programme to increase women's participation in trade

The United States Agency International Development (USAID) has launched an ambitious programme to improve gender ratio in the international trade sector of Pakistan. According to USAID brief, Pakistan has a very small base of women professionals employed
Published 14 Jun, 2013 12:00am
Obstetrics Skill Laboratory established at Liaquat University

Obstetrics Skill Laboratory established at Liaquat University

The Vice Chancellor Liaquat University of Medical & Health Sciences Jamshoro Professor Mashoor Alam Shah inaugurated the "Obstetrics Skill Laboratory" established at the university in collaboration with "World Health Organisation" "Maternal Neonate and Ch
Published 14 Jun, 2013 12:00am
KESC disconnects 33 defaulting PMTs

KESC disconnects 33 defaulting PMTs

Karachi Electric Supply Company (KESC) has disconnected 33 heavily defaulting PMTs in Baldia Town for poor recovery status and massive illegal connections. KESC disconnected 11 PMTs running in Sector 19-A under MNA funds where consumers had been using ele
Published 14 Jun, 2013 12:00am
SECP initiates 189 show-cause proceedings against violators

SECP initiates 189 show-cause proceedings against violators

The Securities and Exchange Commission of Pakistan (SECP) initiated 189 show-cause proceedings against chief executives, directors and auditors of listed and unlisted companies, which had failed to comply with the provisions of the laws. The Enforcement D
Published 14 Jun, 2013 12:00am
Call to develop fisheries, agriculture sectors in Khyber Pakhtunkhwa

Call to develop fisheries, agriculture sectors in Khyber Pakhtunkhwa

The consultant of Small and Medium Enterprises Development Authority (SMEDA), Omar Hayat called for the initiating of concrete steps for the development of fisheries and agriculture sectors in the Khyber-Pakhtunkhwa province. Talking to Business Record
Published 14 Jun, 2013 12:00am
Election campaign 2013: around 149 incidents of violence reported: FAFEN

Election campaign 2013: around 149 incidents of violence reported: FAFEN

Around 149 incidents of election related violence took place during the election campaign from March 17 to May 09, 2013, in which approximately 189 people lost their lives and 667 were injured, Free and Fair Election Network (FAFEN) claims in its report o
Published 14 Jun, 2013 12:00am
Nine people injured in Nasirabad attack

Nine people injured in Nasirabad attack

At least nine persons of a same family including mother, her daughters and sons were injured at their house by unknown gunmen in Tehsil Tamboo area of Nasirabad district on Thursday morning. According to police, three gunmen barged into the house and open
Published 14 Jun, 2013 12:00am
Discos' officials to visit Philippines on study tour

Discos' officials to visit Philippines on study tour

The US Government organised a study tour for professionals from Pakistan's government-owned power distribution companies (Discos) to Manila, and Cebu City Philippines. Exposure to modern commercial procedures and consumer outreach methods were intended to
Published 14 Jun, 2013 12:00am
Pakistani exporters see opportunities in US market

Pakistani exporters see opportunities in US market

Pakistani exporters learned today about opportunities to sell over 3,500 products duty-free in the United States at a seminar jointly sponsored by the US and Pakistani governments. Exporters from Peshawar, Karachi, Rawalpindi, Islamabad and from the Feder
Published 14 Jun, 2013 12:00am
Pakistan Mercantile Exchange - PMEX

Pakistan Mercantile Exchange - PMEX

Pakistan Mercantile Exchange - PMEX (Formerly National Commodity Exchange Limited - NCEL) Trading Summary on Thursday (June 13, 2013).
Published 14 Jun, 2013 12:00am
Recovery of FED: FBR serves notices on private, foreign airlines

Recovery of FED: FBR serves notices on private, foreign airlines

The Federal Board of Revenue (FBR) is learnt to have started serving notices on private and foreign airlines for the recovery of Federal Excise Duty (FED) amounting to Rs 2.3 billion deducted from international travellers. According to sources, fixed FED
Published 14 Jun, 2013 12:00am
Urea import deal finalised

Urea import deal finalised

The Trading Corporation of Pakistan (TCP) has finalised deal for import of 50,000 tons of urea with M/s Trammo at $337.17 per ton C&F. Sources told Business Recorder on Thursday that following the tender's terms and conditions, the supplier has als
Published 14 Jun, 2013 12:00am
Urea import deal finalised

Urea import deal finalised

The Trading Corporation of Pakistan (TCP) has finalised deal for import of 50,000 tons of urea with M/s Trammo at $337.17 per ton C&F. Sources told Business Recorder on Thursday that following the tender's terms and conditions, the supplier has als
Published 14 Jun, 2013 12:00am
Urea import deal finalised

Urea import deal finalised

The Trading Corporation of Pakistan (TCP) has finalised deal for import of 50,000 tons of urea with M/s Trammo at $337.17 per ton C&F. Sources told Business Recorder on Thursday that following the tender''s terms and conditions, the supplier has al
Published 14 Jun, 2013 12:00am
Dar defends ST hike

Dar defends ST hike

An increase in the sales tax rate from 16 to 17 percent will not fuel inflation and increase prices of essential commodities, Finance Minister Ishaq Dar claimed on Thursday. Addressing a post-budget briefing here, Dar clarified that the government had not
Published 14 Jun, 2013 12:00am
Dar defends ST hike

Dar defends ST hike

An increase in the sales tax rate from 16 to 17 percent will not fuel inflation and increase prices of essential commodities, Finance Minister Ishaq Dar claimed on Thursday. Addressing a post-budget briefing here, Dar clarified that the government had not
Published 14 Jun, 2013 12:00am
Dar defends ST hike

Dar defends ST hike

An increase in the sales tax rate from 16 to 17 percent will not fuel inflation and increase prices of essential commodities, Finance Minister Ishaq Dar claimed on Thursday. Addressing a post-budget briefing here, Dar clarified that the government had not
Published 14 Jun, 2013 12:00am
'Etisalat complaints' will be addressed

'Etisalat complaints' will be addressed

Finance Minister Ishaq Dar Thursday said the government would take all measures to address the genuine complaints of Etisalat to ensure release of $800 million for PTCL's privatisation in the next fiscal year. In reply to a question during a post-budget b
Published 14 Jun, 2013 12:00am
'Etisalat complaints' will be addressed

'Etisalat complaints' will be addressed

Finance Minister Ishaq Dar Thursday said the government would take all measures to address the genuine complaints of Etisalat to ensure release of $800 million for PTCL's privatisation in the next fiscal year. In reply to a question during a post-budget b
Published 14 Jun, 2013 12:00am
''Etisalat complaints'' will be addressed

''Etisalat complaints'' will be addressed

Finance Minister Ishaq Dar Thursday said the government would take all measures to address the genuine complaints of Etisalat to ensure release of $800 million for PTCL''s privatisation in the next fiscal year. In reply to a question during a post-budget
Published 14 Jun, 2013 12:00am
LSE up by 66.55 points

LSE up by 66.55 points

Equities on Thursday extended further gains amid bullish sentiments on the Lahore Stock Exchange, as investors made entries in potential scrips in the backdrop of attractive measures proposed in the federal Budget 2013-14. The LSE-25 index was further imp
Published 14 Jun, 2013 12:00am
LSE up by 66.55 points

LSE up by 66.55 points

Equities on Thursday extended further gains amid bullish sentiments on the Lahore Stock Exchange, as investors made entries in potential scrips in the backdrop of attractive measures proposed in the federal Budget 2013-14. The LSE-25 index was further imp
Published 14 Jun, 2013 12:00am
ISE index surges by 90.83 points

ISE index surges by 90.83 points

Bulls dominated the proceedings at the Islamabad Stock Exchange (ISE) on Thursday, where equities continued to move in upward direction with positive trend at the ISE amid increase in index. ISE Ten Index showed an improvement of 90.83 points as the ISE T
Published 14 Jun, 2013 12:00am
ISE index surges by 90.83 points

ISE index surges by 90.83 points

Bulls dominated the proceedings at the Islamabad Stock Exchange (ISE) on Thursday, where equities continued to move in upward direction with positive trend at the ISE amid increase in index. ISE Ten Index showed an improvement of 90.83 points as the ISE T
Published 14 Jun, 2013 12:00am
POL price hike: CJP takes suo motu notice

POL price hike: CJP takes suo motu notice

Chief Justice of Pakistan, Justice Iftikhar Muhammad Chaudhry, has taken suo motu notice of increase in petroleum products' prices, Aaj News reported late Thursday night. According to the channel, the Chief Justice took notice on the note of Regist
Published 14 Jun, 2013 12:00am
POL price hike: CJP takes suo motu notice

POL price hike: CJP takes suo motu notice

Chief Justice of Pakistan, Justice Iftikhar Muhammad Chaudhry, has taken suo motu notice of increase in petroleum products' prices, Aaj News reported late Thursday night. According to the channel, the Chief Justice took notice on the note of Regist
Published 14 Jun, 2013 12:00am
POL price hike: CJP takes suo motu notice

POL price hike: CJP takes suo motu notice

Chief Justice of Pakistan, Justice Iftikhar Muhammad Chaudhry, has taken suo motu notice of increase in petroleum products'' prices, Aaj News reported late Thursday night. According to the channel, the Chief Justice took notice on the note of Regis
Published 14 Jun, 2013 12:00am
Proposed right issues

Proposed right issues

Right issues proposed by companies listed on Karachi Stock Exchange.
Published 14 Jun, 2013 12:00am
Bugti's murder case: Musharraf sent on 14-day remand

Bugti's murder case: Musharraf sent on 14-day remand

An Anti-Terrorism Court (ATC) on Thursday sent former president and army chief Pervez Musharraf on a 14-day judicial remand in Akbar Bugti murder case on the request of the Quetta police. A Quetta police team of crime branch appeared before ATC Judge Syed
Published 14 Jun, 2013 12:00am
Bugti's murder case: Musharraf sent on 14-day remand

Bugti's murder case: Musharraf sent on 14-day remand

An Anti-Terrorism Court (ATC) on Thursday sent former president and army chief Pervez Musharraf on a 14-day judicial remand in Akbar Bugti murder case on the request of the Quetta police. A Quetta police team of crime branch appeared before ATC Judge Syed
Published 14 Jun, 2013 12:00am
BOARD MEETINGS

BOARD MEETINGS

Board Meetings of Companies listed on the Karachi Stock Exchange.
Published 14 Jun, 2013 12:00am
Gujrat tragedy: HDIP report presented

Gujrat tragedy: HDIP report presented

The Supreme Court was informed on Thursday that Oil and Gas Regulatory Authority (Ogra) had recommended to the federal government several times to ban the use of Compressed Natural Gas (CNG) in public vehicles. A 3-judge bench headed by Chief Justice Ifti
Published 14 Jun, 2013 12:00am
Gujrat tragedy: HDIP report presented

Gujrat tragedy: HDIP report presented

The Supreme Court was informed on Thursday that Oil and Gas Regulatory Authority (Ogra) had recommended to the federal government several times to ban the use of Compressed Natural Gas (CNG) in public vehicles. A 3-judge bench headed by Chief Justice Ifti
Published 14 Jun, 2013 12:00am
EU offers to give France bigger say in US trade talks

EU offers to give France bigger say in US trade talks

The European Commission, which negotiates trade deals on behalf of EU members, is ready to give European governments a much greater say on cultural issues in free-trade talks with the United States, an EU source said on Thursday. EU trade chief Karel De G
Published 14 Jun, 2013 12:00am
European bailouts could bypass IMF in future: Barroso

European bailouts could bypass IMF in future: Barroso

European institutions will be able to manage financial aid programmes to member states in the future, European Commission head Jose Manuel Barroso said Thursday, a move that would remove the IMF from any eventual bailouts. "In the future, and I must stres
Published 14 Jun, 2013 12:00am
European bailouts could bypass IMF in future: Barroso

European bailouts could bypass IMF in future: Barroso

European institutions will be able to manage financial aid programmes to member states in the future, European Commission head Jose Manuel Barroso said Thursday, a move that would remove the IMF from any eventual bailouts. "In the future, and I must stres
Published 14 Jun, 2013 12:00am
Member to Member

Member to Member

The following transactions member to member subsequently reported on Thursday (June 13, 2013).
Published 14 Jun, 2013 12:00am
European bailouts could bypass IMF in future: Barroso

European bailouts could bypass IMF in future: Barroso

European institutions will be able to manage financial aid programmes to member states in the future, European Commission head Jose Manuel Barroso said Thursday, a move that would remove the IMF from any eventual bailouts. "In the future, and I must stres
Published 14 Jun, 2013 12:00am
J.P Morgan makes another change in chief risk office

J.P Morgan makes another change in chief risk office

John Hogan, who was named chief risk officer at J.P. Morgan Chase & Co last year just as its London Whale trades began racking up billions of dollars of losses, may leave the company, CEO Jamie Dimon said on Thursday. Hogan will hold a new title of chairm
Published 14 Jun, 2013 12:00am
J.P Morgan makes another change in chief risk office

J.P Morgan makes another change in chief risk office

John Hogan, who was named chief risk officer at J.P. Morgan Chase & Co last year just as its London Whale trades began racking up billions of dollars of losses, may leave the company, CEO Jamie Dimon said on Thursday. Hogan will hold a new title of chairm
Published 14 Jun, 2013 12:00am
J.P Morgan makes another change in chief risk office

J.P Morgan makes another change in chief risk office

John Hogan, who was named chief risk officer at J.P. Morgan Chase & Co last year just as its London Whale trades began racking up billions of dollars of losses, may leave the company, CEO Jamie Dimon said on Thursday. Hogan will hold a new title of chairm
Published 14 Jun, 2013 12:00am
White House lawyer to be CIA's new deputy director

White House lawyer to be CIA's new deputy director

A White House lawyer who advised President Barack Obama on "sensitive" intelligence operations will be the CIA's new deputy director, the first woman to hold such a senior post at the agency, officials said Wednesday. Avril Haines, who worked as deputy as
Published 14 Jun, 2013 12:00am
THE RUPEE: firm trend

THE RUPEE: firm trend

The rupee inched up in terms of the dollar on the money market on Thursday in process of comfortable supply of dollars, dealers said. The rupee rose by two paisa against the dollar for buying at Rs 98.51 and it also gained one paisa for selling at Rs 98.5
Published 14 Jun, 2013 12:00am
White House lawyer to be CIA's new deputy director

White House lawyer to be CIA's new deputy director

A White House lawyer who advised President Barack Obama on "sensitive" intelligence operations will be the CIA's new deputy director, the first woman to hold such a senior post at the agency, officials said Wednesday. Avril Haines, who worked as deputy as
Published 14 Jun, 2013 12:00am
THE RUPEE: firm trend

THE RUPEE: firm trend

The rupee inched up in terms of the dollar on the money market on Thursday in process of comfortable supply of dollars, dealers said. The rupee rose by two paisa against the dollar for buying at Rs 98.51 and it also gained one paisa for selling at Rs 98.5
Published 14 Jun, 2013 12:00am
FBR chief continues to hold his post

FBR chief continues to hold his post

Chairman Federal Board of Revenue Ansar Javed remains in his post despite the fact that the Supreme Court has cancelled all appointments and transfers made by the caretaker government. "The Government had given him an extension in contract till June 30, 2
Published 14 Jun, 2013 12:00am
FBR chief continues to hold his post

FBR chief continues to hold his post

Chairman Federal Board of Revenue Ansar Javed remains in his post despite the fact that the Supreme Court has cancelled all appointments and transfers made by the caretaker government. "The Government had given him an extension in contract till June 30, 2
Published 14 Jun, 2013 12:00am