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Print - 2004-03-10
IMF asks for revenue data for PRGF review

IMF asks for revenue data for PRGF review

To ascertain the impact of taxation policy, the International Monetary Fund (IMF) has asked the government of Pakistan to provide details of revenue collection during 2003-04 for an objective eighth review under Poverty Reduction Growth Facility (PRGF).
Published 10 Mar, 2004 12:00am
Turkish commander coming on March 10

Turkish commander coming on March 10

The Turkish Air Force's Commander, General Halil Ibrahim Firtina would visit Pakistan from March 10 and call on Pakistan President, Defence Minister; Chairman Joint Chiefs of Staff Committee and Chief of the Air Staff.
Published 10 Mar, 2004 12:00am
US commander visits Naval headquarters

US commander visits Naval headquarters

The visiting Commander of United States Naval Forces Central Command and Commander US Fifth Fleet, Vice Admiral David Nichols Jr, on Tuesday called on Pakistan's Naval Chief Admiral Shahid Karimullah in Islamabad, and discussed matters of mutual interest.
Published 10 Mar, 2004 12:00am
Chinese defence minister due on March 22

Chinese defence minister due on March 22

Chinese Defence Minister General Cao Gangchuan is to arrive here on March 22 on a five-day official visit to Pakistan for talks on defence and security matters, officials said on Tuesday.
Published 10 Mar, 2004 12:00am
NBP Capital Fund ratings reaffirmed

NBP Capital Fund ratings reaffirmed

JCR-VIS has reaffirmed the medium to long term rating of NBP Capital Limited at ''A-'' (Single A Minus) with ''Stable'' outlook. Short-term rating has also been reaffirmed at ''A 1'' (A One).
Published 10 Mar, 2004 12:00am
NBP Capital Fund ratings reaffirmed

NBP Capital Fund ratings reaffirmed

JCR-VIS has reaffirmed the medium to long term rating of NBP Capital Limited at 'A-' (Single A Minus) with 'Stable' outlook. Short-term rating has also been reaffirmed at 'A 1' (A One).
Published 10 Mar, 2004 12:00am
Shipping Intelligence

Shipping Intelligence

Karachi Shipping Intelligence report incorporating changes till 7 am on Tuesday (March 09, 2004).
Published 10 Mar, 2004 12:00am
NBP Capital Fund ratings reaffirmed

NBP Capital Fund ratings reaffirmed

JCR-VIS has reaffirmed the medium to long term rating of NBP Capital Limited at 'A-' (Single A Minus) with 'Stable' outlook. Short-term rating has also been reaffirmed at 'A 1' (A One).
Published 10 Mar, 2004 12:00am
Shipping Intelligence

Shipping Intelligence

Karachi Shipping Intelligence report incorporating changes till 7 am on Tuesday (March 09, 2004).
Published 10 Mar, 2004 12:00am
Saudi Prince meets Prime Minister

Saudi Prince meets Prime Minister

Saudi Prince Faisal Bin Abdullah Bin Mohammad Bin Abdul Aziz Al Saud called on the Prime Minister here on Tuesday and exchanged views on matters of mutual interest.
Published 10 Mar, 2004 12:00am
Spot dollar rates

Spot dollar rates

Spot Dollar rates from Khadim Ali Shah Bukhari & Co Ltd on Tuesday (March 09, 2004).
Published 10 Mar, 2004 12:00am
Saudi Prince meets Prime Minister

Saudi Prince meets Prime Minister

Saudi Prince Faisal Bin Abdullah Bin Mohammad Bin Abdul Aziz Al Saud called on the Prime Minister here on Tuesday and exchanged views on matters of mutual interest.
Published 10 Mar, 2004 12:00am
Money Market Report

Money Market Report

Money market report by Khadim Ali Shah Bukhari & Co on Tuesday (March 09, 2004).
Published 10 Mar, 2004 12:00am
74 percent rise in Dawood Hercules profit

74 percent rise in Dawood Hercules profit

Dawood Hercules profit in the year ended December 31, 2003, recorded an increase of 74 percent as it has increased its investment in selected listed companies of Karachi Stock Exchange, increasing capital gains.
Published 10 Mar, 2004 12:00am
74 percent rise in Dawood Hercules profit

74 percent rise in Dawood Hercules profit

Dawood Hercules profit in the year ended December 31, 2003, recorded an increase of 74 percent as it has increased its investment in selected listed companies of Karachi Stock Exchange, increasing capital gains.
Published 10 Mar, 2004 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 (March 09, 2004).
Published 10 Mar, 2004 12:00am
Picic to launch two new funds in April

Picic to launch two new funds in April

Pakistan Industrial Credit & Investment Corporation (Picic) has decided to launch two funds--energy fund and balance fund--each of one billion rupees, by next month and plans to introduce various financing products, to help progress the corporation to new
Published 10 Mar, 2004 12:00am
Picic to launch two new funds in April

Picic to launch two new funds in April

Pakistan Industrial Credit & Investment Corporation (Picic) has decided to launch two funds--energy fund and balance fund--each of one billion rupees, by next month and plans to introduce various financing products, to help progress the corporation to new
Published 10 Mar, 2004 12:00am
Picic to launch two new funds in April

Picic to launch two new funds in April

Pakistan Industrial Credit & Investment Corporation (Picic) has decided to launch two funds--energy fund and balance fund--each of one billion rupees, by next month and plans to introduce various financing products, to help progress the corporation to new
Published 10 Mar, 2004 12:00am
Picic to provide Rs 100 million for housing projects

Picic to provide Rs 100 million for housing projects

Pakistan Industrial Credit and Investment Corporation (Picic) will provide more than Rs 100 million for two housing projects to increase housing financing in the country, with a slogan 'Housing for Every Pakistani'.
Published 10 Mar, 2004 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 (March 09, 2004).
Published 10 Mar, 2004 12:00am
Picic to provide Rs 100 million for housing projects

Picic to provide Rs 100 million for housing projects

Pakistan Industrial Credit and Investment Corporation (Picic) will provide more than Rs 100 million for two housing projects to increase housing financing in the country, with a slogan 'Housing for Every Pakistani'.
Published 10 Mar, 2004 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 (March 09, 2004).
Published 10 Mar, 2004 12:00am
Two arrested in land fraud cases

Two arrested in land fraud cases

The NAB Punjab on Tuesday arrested two persons in Bucha Garden land fraud and obtaining pecuniary advantage.
Published 10 Mar, 2004 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 (March 09, 2004).
Published 10 Mar, 2004 12:00am
Committee to discuss sugar issues on March 12

Committee to discuss sugar issues on March 12

The inter-ministerial committee on sugar will meet here on March 12 to identify bottlenecks in smooth sailing of the sugar sector and work out long-term solution to the problems, it is learnt.
Published 10 Mar, 2004 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 10 Mar, 2004 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 Mar, 2004 12:00am
Dependency on imported cotton increases

Dependency on imported cotton increases

Pakistan's dependency on imported cotton has increased from 1.5 million bales to 2 million bales, due to sharp decline in domestic production for 2003-04.
Published 10 Mar, 2004 12:00am
Dependency on imported cotton increases

Dependency on imported cotton increases

Pakistan's dependency on imported cotton has increased from 1.5 million bales to 2 million bales, due to sharp decline in domestic production for 2003-04.
Published 10 Mar, 2004 12:00am
Ivory Coast cocoa prices mixed

Ivory Coast cocoa prices mixed

Average prices paid to farmers for cocoa beans in Ivory Coast were mixed in most major growing areas in the week of March 1-8, official data from the Coffee and Cocoa Bourse (BCC) showed on Tuesday.
Published 10 Mar, 2004 12:00am
Kenya expects to sign FTA with Pakistan

Kenya expects to sign FTA with Pakistan

Kenya expects to sign a Free Trade Agreement (FTA) with Pakistan in about a month's time to avoid losing its largest tea market to India, a top official of the Tea Board of Kenya said on Tuesday.
Published 10 Mar, 2004 12:00am
Brazilian main cane crop yields seen lower

Brazilian main cane crop yields seen lower

Drought in parts of Brazilian main center-south sugarcane belt should reduce yields in the 2004/05 crop, the Sao Paulo Cane Agroindustry Union (Unica) forecast on Tuesday.
Published 10 Mar, 2004 12:00am
FTO asks Revenue Board to clarify sales tax issue

FTO asks Revenue Board to clarify sales tax issue

The Federal Tax Ombudsman former justice Saleem Akhtar has urged the Central Board of Revenue (CBR) to issue a clarification on the issue of sales tax after its exemption on cement production was withdrawn from September 5, 2000.
Published 10 Mar, 2004 12:00am
Costly freight weighs on Italian-Aussie wheat deals

Costly freight weighs on Italian-Aussie wheat deals

High freight costs and worries about quality are seen limiting Italian demand for Australian wheat as the Italian harvest approaches, a senior milling source said on Tuesday.
Published 10 Mar, 2004 12:00am
FTO asks Revenue Board to clarify sales tax issue

FTO asks Revenue Board to clarify sales tax issue

The Federal Tax Ombudsman former justice Saleem Akhtar has urged the Central Board of Revenue (CBR) to issue a clarification on the issue of sales tax after its exemption on cement production was withdrawn from September 5, 2000.
Published 10 Mar, 2004 12:00am
German wheat prices drop sharply

German wheat prices drop sharply

German wheat prices dropped suddenly in the past few days as both flour mills and animal feed makers reduced purchasing, traders said on Tuesday.
Published 10 Mar, 2004 12:00am
US Democrats vote in four Southern states

US Democrats vote in four Southern states

Democrats in four Southern states, including the November battleground of Florida, cast ballots on Tuesday in contests that will put John Kerry close to formally clinching the party's nomination to face President George W. Bush.
Published 10 Mar, 2004 12:00am
Vukovar trial will test Serb war crimes justice

Vukovar trial will test Serb war crimes justice

Serbia on Tuesday began the prosecution of six Serbs for the notorious 1991 Vukovar massacre in a special trial seen as a litmus test of its ability to dispense justice for war crimes during Yugoslavia's break-up.
Published 10 Mar, 2004 12:00am
US exporters sell soyabean

US exporters sell soyabean

Private exporters reported the sale of 165,000 tonnes of US soyabeans to an unknown buyer for delivery during the 2004/05 marketing year, which opens September 1, the Agriculture Department said on Tuesday.
Published 10 Mar, 2004 12:00am
Opec still plans output cut despite high prices: Qatar

Opec still plans output cut despite high prices: Qatar

The Opec oil cartel plans to press ahead with a production cut of one million barrels per day (bpd) next month despite soaring oil prices, Qatari Oil Minister Abdullah bin Hamad al-Attiyah said Tuesday.
Published 10 Mar, 2004 12:00am
Bangladesh tea prices fall

Bangladesh tea prices fall

The average price of Bangladesh teas fell on poor quality at the penultimate weekly auction of the season on Tuesday, brokers said.
Published 10 Mar, 2004 12:00am
EU advances on savings tax, but Swiss hurdle remains

EU advances on savings tax, but Swiss hurdle remains

Britain and the Netherlands told European Union finance ministers on Tuesday their dependent territories had agreed to comply with policies to fight tax evasion, removing one more hurdle for adoption of the new rules.
Published 10 Mar, 2004 12:00am
Singapore bunker prices rise

Singapore bunker prices rise

Singapore bunker prices rose on Tuesday despite a weaker cargo market as ship-owners returned to end a week-long dry spell, traders said.
Published 10 Mar, 2004 12:00am
Dubai to launch film festival

Dubai to launch film festival

Aiming to establish itself as the crossroads between Hollywood and Bollywood, the bustling Gulf emirate of Dubai is kicking off its first international film festival this year, with ambitions to eventually rank among the world's leading cinema showcases.
Published 10 Mar, 2004 12:00am
Activity at Karachi and Qasim ports

Activity at Karachi and Qasim ports

The Karachi Port handled 25,522 tonnes of cargo including 10,117 tonnes import and 15,405 tonnes export cargo during last 24 hours ending at 0700 hours on Tuesday.
Published 10 Mar, 2004 12:00am
Ford to use Toyota hybrid system technology

Ford to use Toyota hybrid system technology

Toyota Motor Corp said on Tuesday that Ford Motor Co would use some of its hybrid engine technology, in a pact that underlines the Japanese auto giant's strong lead in eco-friendly gasoline-electric know-how.
Published 10 Mar, 2004 12:00am
US Midwest corn and soya bids mixed

US Midwest corn and soya bids mixed

Corn and soyabean spot basis bids in the US Midwest were mixed on Tuesday but several locations firmed their bids, trying to counterbalance Monday's drop in Chicago Board of Trade futures, dealers said.
Published 10 Mar, 2004 12:00am
Khokhrapar bus service talks begin

Khokhrapar bus service talks begin

Pakistan and India on Tuesday commenced two-day technical talks for starting bus service between Khokhrapar and Munabhao.
Published 10 Mar, 2004 12:00am
Vietnam coffee trade thin on rising prices

Vietnam coffee trade thin on rising prices

Physical coffee trade in Vietnam, the world's top robusta exporter, has been slow as local sellers sought higher prices, traders said on Tuesday.
Published 10 Mar, 2004 12:00am
Khokhrapar bus service talks begin

Khokhrapar bus service talks begin

Pakistan and India on Tuesday commenced two-day technical talks for starting bus service between Khokhrapar and Munabhao.
Published 10 Mar, 2004 12:00am
CBOT wheat futures close lower

CBOT wheat futures close lower

Chicago Board of Trade wheat futures closed lower on Monday after Egypt cancelled a wheat tender over the weekend, saying prices were "not suitable," traders said.
Published 10 Mar, 2004 12:00am
Import of re-rollable scrap allowed

Import of re-rollable scrap allowed

In order to stop price hike in steel products and address the concerns of the consumers, the federal government has allowed import of re-rollable scrap with immediate effect.
Published 10 Mar, 2004 12:00am
High local prices dampen Pakistani rice exports

High local prices dampen Pakistani rice exports

Pakistani rice exports were thin during the past week as existing orders were shipped but high domestic prices limited new demand, traders said on Tuesday.
Published 10 Mar, 2004 12:00am
Import of re-rollable scrap allowed

Import of re-rollable scrap allowed

In order to stop price hike in steel products and address the concerns of the consumers, the federal government has allowed import of re-rollable scrap with immediate effect.
Published 10 Mar, 2004 12:00am
Oil cake market rates

Oil cake market rates

The March vaida opened at Rs 437.50 and was the highest at Rs 447.00. Later in depressed trading it turned lowest at Rs 437.50 and closing was seen at Rs 440.50.
Published 10 Mar, 2004 12:00am
Bears take control of ISE

Bears take control of ISE

Bulls handed over the floor to the bears on the Islamabad Stock Exchange (ISE) where selling-pressure in selected heavyweights moved the entire ready-board in downward direction amid decrease in index.
Published 10 Mar, 2004 12:00am
Cheerless trading marked on cotton market

Cheerless trading marked on cotton market

Trading remained cheerless on the cotton market on Tuesday as world rates continued to show softening trend, relevant sources said.
Published 10 Mar, 2004 12:00am
Bears take control of ISE

Bears take control of ISE

Bulls handed over the floor to the bears on the Islamabad Stock Exchange (ISE) where selling-pressure in selected heavyweights moved the entire ready-board in downward direction amid decrease in index.
Published 10 Mar, 2004 12:00am
Gram prices rise on grain market

Gram prices rise on grain market

Gram varieties under went quite a few changes on the seed and grain wholesale markets on Tuesday (March 09, 2004).
Published 10 Mar, 2004 12:00am
Warraich quits as PPPP MNA

Warraich quits as PPPP MNA

In an unprecedented gesture, a Pakistan People's Party Parliamentarian (PPPP) member of the National Assembly Zafar Warraich on Tuesday quit as MNA and party's position.
Published 10 Mar, 2004 12:00am
Plastic mouldings higher on Jodia Bazar

Plastic mouldings higher on Jodia Bazar

Fluctuations were marked in commodities traded on Jodia Bazar with significant to variations seen in plastic mouldings on Tuesday (March 09, 2004).
Published 10 Mar, 2004 12:00am
Different dimensions of national defence discussed

Different dimensions of national defence discussed

The Defence Committee of the Cabinet on Tuesday discussed different dimensions of national defence, took cognisance of international, regional and national developments; and took suitable policy decisions.
Published 10 Mar, 2004 12:00am
IAWS food division offsets weak agribusiness

IAWS food division offsets weak agribusiness

Ireland's IAWS said on Tuesday a strong performance from its food division offset challenging market conditions in agribusiness, powering a 26 percent climb in first-half profits before tax and goodwill.
Published 10 Mar, 2004 12:00am
Different dimensions of national defence discussed

Different dimensions of national defence discussed

The Defence Committee of the Cabinet on Tuesday discussed different dimensions of national defence, took cognisance of international, regional and national developments; and took suitable policy decisions.
Published 10 Mar, 2004 12:00am
Indonesia buys Australian wheat despite fungus scare

Indonesia buys Australian wheat despite fungus scare

Indonesia is still importing Australian wheat despite recent allegations by Pakistan that some shipments had been contaminated with a fungus, major importer Bogasari Flour Mills said on Tuesday.
Published 10 Mar, 2004 12:00am
State Bank issues new instructions for fresh loans

State Bank issues new instructions for fresh loans

The State Bank of Pakistan (SBP) has asked the banks and development financial institutions (DFIs) to separately mention fresh loans if granted to a party after rescheduling.
Published 10 Mar, 2004 12:00am
Canadian wheat sales bouncing back in Philippines

Canadian wheat sales bouncing back in Philippines

Canadian wheat sales to the Philippines are moving into top gear due to a lack of Indian and Chinese offers, and beginning to threaten the US hold in the Southeast Asian nation, a leading flour miller said on Tuesday.
Published 10 Mar, 2004 12:00am
State Bank issues new instructions for fresh loans

State Bank issues new instructions for fresh loans

The State Bank of Pakistan (SBP) has asked the banks and development financial institutions (DFIs) to separately mention fresh loans if granted to a party after rescheduling.
Published 10 Mar, 2004 12:00am
Ukraine increases barley exports

Ukraine increases barley exports

Ukraine increased feed barley exports through its seaports to 103,600 tonnes in February compared with 24,800 tonnes in January, analysts said on Tuesday.
Published 10 Mar, 2004 12:00am
LSE index down 12.30 points

LSE index down 12.30 points

Equities closed lower on the Lahore Stock Exchange amid descending transaction volume owing to lacking interest on the part of small investors on Tuesday.
Published 10 Mar, 2004 12:00am
Australia sees big increase in long-term grain output

Australia sees big increase in long-term grain output

Australia, already the world's second largest wheat and largest barley exporter, is headed toward massive expansion of its grains industry, growers body Grains Council of Australia (GCA) forecast on Tuesday.
Published 10 Mar, 2004 12:00am
LSE index down 12.30 points

LSE index down 12.30 points

Equities closed lower on the Lahore Stock Exchange amid descending transaction volume owing to lacking interest on the part of small investors on Tuesday.
Published 10 Mar, 2004 12:00am
World oil prices seen stronger for longer

World oil prices seen stronger for longer

Oil analysts have hoisted 2004 crude price forecasts by 10 percent since January, reinforcing a growing consensus that higher energy prices are not going away any time soon, a Reuters poll showed on Tuesday.
Published 10 Mar, 2004 12:00am
Profit-taking clips gains on KSE

Profit-taking clips gains on KSE

Profit-taking set in at the stock market on Tuesday where bargain hunters stole the show and blue chips and investment shares failed to sustain the overnight levels.
Published 10 Mar, 2004 12:00am
Malaysian tin futures down

Malaysian tin futures down

Malaysian tin ended $40 down on Tuesday, narrowing its premium to the London Metal Exchange, as the local market stayed firmly in the $7,000-a-tonne range despite recent sell-offs in London tin.
Published 10 Mar, 2004 12:00am
Profit-taking clips gains on KSE

Profit-taking clips gains on KSE

Profit-taking set in at the stock market on Tuesday where bargain hunters stole the show and blue chips and investment shares failed to sustain the overnight levels.
Published 10 Mar, 2004 12:00am
Comex copper sharply lower

Comex copper sharply lower

Comex copper finished with steep declines on Monday, toppled by heavy profit-taking from all sectors of the market that was initially triggered by a surge in the dollar, traders said.
Published 10 Mar, 2004 12:00am
China to help develop Chashma II plant

China to help develop Chashma II plant

China will help Pakistan to develop Chashma Nuclear Power Plant Phase II for producing electricity, said a spokesman of the Chinese Foreign Office, Liu Jianchao.
Published 10 Mar, 2004 12:00am
Tokyo platinum dips from 16-1/2-year high on dollar

Tokyo platinum dips from 16-1/2-year high on dollar

Tokyo platinum futures slipped on Tuesday as the dollar's fall against the yen triggered heavy profit-taking, hammering down the metal's price from a 16-1/2 year high hit the previous day.
Published 10 Mar, 2004 12:00am
China to help develop Chashma II plant

China to help develop Chashma II plant

China will help Pakistan to develop Chashma Nuclear Power Plant Phase II for producing electricity, said a spokesman of the Chinese Foreign Office, Liu Jianchao.
Published 10 Mar, 2004 12:00am
PRSP implementation: IMF calls for addressing challenges

PRSP implementation: IMF calls for addressing challenges

The International Monetary Fund (IMF) has underlined the need for addressing certain challenges, including strengthening of public finances and financial performance of power sector for successful implementation of Poverty Reduction and Strategy Paper (PR
Published 10 Mar, 2004 12:00am
Gold holds above $400 in Asia, palladium up

Gold holds above $400 in Asia, palladium up

Gold held above $400-an-ounce in Asia on Tuesday, as it tracked a weaker dollar and factored in a new agreement reached by Europe's central banks on gold sales.
Published 10 Mar, 2004 12:00am
PRSP implementation: IMF calls for addressing challenges

PRSP implementation: IMF calls for addressing challenges

The International Monetary Fund (IMF) has underlined the need for addressing certain challenges, including strengthening of public finances and financial performance of power sector for successful implementation of Poverty Reduction and Strategy Paper (PR
Published 10 Mar, 2004 12:00am
Shanghai copper futures fall

Shanghai copper futures fall

Some Shanghai copper futures contracts fell their three percent limit in trade on Tuesday under pressure from an overnight fall on the London Metal Exchange, traders said.
Published 10 Mar, 2004 12:00am
First Saudi Arabian human rights watchdog agency launched

First Saudi Arabian human rights watchdog agency launched

Saudi Arabia's first human rights watchdog agency was established on Tuesday, the most concrete step yet in a slow process of reform which authorities insist must be home-grown and compatible with Islam.
Published 10 Mar, 2004 12:00am