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Archive - 2007-06-30
Lawyers boycott courts

Lawyers boycott courts

The Lawyers on Friday continued their token protest by observing hunger strike and one hour boycott of courts against the suspension of Chief Justice of Pakistan here on Friday. The lawyers who boycotted the courts also wore black ribbons to register thei
Published 30 Jun, 2007 12:00am
Traffic wardens to check street crimes: Pervaiz

Traffic wardens to check street crimes: Pervaiz

Punjab Chief Minister, Chaudhry Pervaiz Elahi has said that the new system of traffic police will play effective role in traffic management and regulation apart from proving a role model. He said that besides having required professional skills to deal wi
Published 30 Jun, 2007 12:00am
UK to give over Rs 2.2 billion for communities empowerment

UK to give over Rs 2.2 billion for communities empowerment

The UK's Department for International Development (DFID) is to give more than Rs 2.2 billion (pound 18 million) to support citizens' engagement with government through devolution in Pakistan. The grant funding will be provided to the Devolution Trust for
Published 30 Jun, 2007 12:00am
PPP voices concern over gastro outbreak

PPP voices concern over gastro outbreak

Pakistan Peoples Party (PPP) has expressed concern over spread of waterborne diseases including gastro-enteritis in rain hit rural areas of Karachi - Deh Mongal, Deh Gujro, Manghopir and Hawksbay and held government, especially the CDGK, responsible for i
Published 30 Jun, 2007 12:00am
Protests against Rushdie knighthood continue

Protests against Rushdie knighthood continue

Protest against knighthood award to writer Salman Rushdie continued Friday on the 12th day in Multan. Two demonstrations were organised by the Jamiat Talaba-e-Islam, (JTI), JUP and an effigy of Rushdie was burnt in the city.
Published 30 Jun, 2007 12:00am
Revised mineral policy to attract local, foreign investment

Revised mineral policy to attract local, foreign investment

The Planning Commission has expressed hope that the revised 'Mineral Policy', as and when announced, would attract both local and foreign investment, and accelerate exploration and research activity in the country. He added that minerals have good chances
Published 30 Jun, 2007 12:00am
Plan to immunise 63 million children against measles

Plan to immunise 63 million children against measles

The government in collaboration with United Nations agencies has planned to immunise 63 million children against measles in the biggest such campaign in history. This campaign was being launched on the initiative taken by Prime Minister Shaukat Aziz to ch
Published 30 Jun, 2007 12:00am
PTEA welcomes extension of R&D facility

PTEA welcomes extension of R&D facility

Pakistan Textile Exporters Association (PTEA) have termed the extension period of R&D facility till June 2008 as a step in the right direction, which will help sustain value added sector exports in international market.
Published 30 Jun, 2007 12:00am
Bar Council slams ban on TV channel

Bar Council slams ban on TV channel

Pakistan Bar Council, Vice President Mirza Aziz Akbar Baig, President of High Court Bar Association Habib-Ullah Shakir, District Bar Multan President Muhammad Akram Bhatti have criticised banning Royal TV telecast and termed it a violation of the C
Published 30 Jun, 2007 12:00am
Kashmore district council approves tax-free budget

Kashmore district council approves tax-free budget

The District Council on Friday approved a tax-free surplus budget of Rs 3,041 million for 2007-08. Winding up two-day general discussion on the budget, District Nazim Sardar Saleem Jan Mazari informed the house that the district government had received an
Published 30 Jun, 2007 12:00am
Kashmore district council approves tax-free budget

Kashmore district council approves tax-free budget

The District Council on Friday approved a tax-free surplus budget of Rs 3,041 million for 2007-08. Winding up two-day general discussion on the budget, District Nazim Sardar Saleem Jan Mazari informed the house that the district government had received an
Published 30 Jun, 2007 12:00am
Population boom termed challenge to uplift process

Population boom termed challenge to uplift process

Chairman Entomology, University of Agriculture and former dean of agriculture, Professor Dr Muhammad Ashfaque Ahmad (Tamgha-e-Imtiaz) has said that "High Growth Rate" of population constitutes a challenge for the entire development process.
Published 30 Jun, 2007 12:00am
Gastro-enteritis spreading rapidly in southern Punjab

Gastro-enteritis spreading rapidly in southern Punjab

Though gastro-enteritis is spreading rapidly in Southern Punjab and rest of the country yet no step has been taken to save the lives of the masses. According to official figures 20,055 patients have been identified as Gastro patients administered treatmen
Published 30 Jun, 2007 12:00am
Health services on alert

Health services on alert

In view of the expected heavy rainfalls and flood in Sindh, Director General Sindh Health Services Dr Hadi Bux Jatoi has cancelled the leaves of all medics and paramedics. While declaring emergency and high alert in health facilities of the province, he a
Published 30 Jun, 2007 12:00am
Unicef provides water purifiers to Sindh health department

Unicef provides water purifiers to Sindh health department

Sindh health department has procured additional amount of water purifiers (in tablets and powder form) from Unicef for urban slums dwellers in particular and families in general to prevent water borne diseases - including gastro-enteritis.
Published 30 Jun, 2007 12:00am
Widening the coverage of NSS

Widening the coverage of NSS

The government seems set to raise more funds from non-banking sources to finance its budget deficit. On 25th June, 2007, it had raised profit rates on NSS to attract a higher level of investment from this source and reduce dependence on bank borrowings to
Published 30 Jun, 2007 12:00am
Need for teaching teachers how to teach

Need for teaching teachers how to teach

Speakers at an inter-provincial conference on "Education and Devolution: Opportunities and Experiences", held the other day, are reported to have emphasised the need for enhancing the capacity of all relevant professionals in the education sector at all t
Published 30 Jun, 2007 12:00am
Budget review: benefits should be distributed equitably among all-I

Budget review: benefits should be distributed equitably among all-I

Every year, Institute of Policy Studies constitutes a task force to review the federal budget. The review alongside is prepared by a task force of renowned economists. Budget for the financial year 2007-08 was presented by state minister for finance on Ju
Published 30 Jun, 2007 12:00am
Freight rates increase

Freight rates increase

We refer to various articles appearing recently in Business Recorder (on 20.6.2007, 22.6.2007 and 23.6.2007) including our clarification on 21.6.2007 and wish to register our protest a the way in which the successive articles deliberately engage in
Published 30 Jun, 2007 12:00am
'Meaningless' elections

'Meaningless' elections

Though the elections should be fair, but most important thing is that whether our masses have real awareness about the importance of elections and democracy or have they reached such mental level where they can decide whether people they are going to elec
Published 30 Jun, 2007 12:00am
Flour mills demand end to loadshedding

Flour mills demand end to loadshedding

Pakistan Flour Mills Association, (PFMA) NWFP chapter on Friday asked the federal government to immediately stop massive loadshedding in the province, otherwise, dozens of flour mills would be closed down in different parts of provincial capital.
Published 30 Jun, 2007 12:00am
49 healthcare units to be handed over to PPHI

49 healthcare units to be handed over to PPHI

Forty-nine healthcare units under the administrative control of Executive District Officer, Larkana will be handed over to President's Primary Healthcare Initiative (PPHI) programme from July 1.
Published 30 Jun, 2007 12:00am
NWFP Assembly passes bill to set up agriculture and livestock markets

NWFP Assembly passes bill to set up agriculture and livestock markets

The provincial legislature of NWFP on Friday unanimously adopted Agriculture and Livestock Produce Market Bill, 2007 to pave way for establishment of agricultural and livestock markets and market committees for marketing of agriculture and livestock produ
Published 30 Jun, 2007 12:00am
NWFP Assembly passes bill to set up agriculture and livestock markets

NWFP Assembly passes bill to set up agriculture and livestock markets

The provincial legislature of NWFP on Friday unanimously adopted Agriculture and Livestock Produce Market Bill, 2007 to pave way for establishment of agricultural and livestock markets and market committees for marketing of agriculture and livestock produ
Published 30 Jun, 2007 12:00am
Nigerian envoy cautions Pakistanis of swindlers

Nigerian envoy cautions Pakistanis of swindlers

Three days ago the Nigerian High Commissioner in Islamabad cautioned Pakistani citizens against fake mails sent from his country with attractive job offers or about their national dead long ago leaving millions of dollars behind, stored in bank vaults. It
Published 30 Jun, 2007 12:00am
Hawkesbay truck stand turns into filthy water lake

Hawkesbay truck stand turns into filthy water lake

Karachi Goods Carriers` Association (KGCA) on Friday said that current spell of torrential rains has turned Hawkesbay truck stand into a lake of filthy water and marsh.
Published 30 Jun, 2007 12:00am
Ministry starts implementation of NPA for Children

Ministry starts implementation of NPA for Children

The Ministry of Social Welfare has started implementing National Plan of Action for Children with an allocation of Rs 2 million for 2007-08. Sources told Business Recorder here on Friday that the staff has been recruited to implement the plan.
Published 30 Jun, 2007 12:00am
Media briefed about Goldcrest project

Media briefed about Goldcrest project

A Large number of print and electronic media representatives attended an extensive briefing session on Wednesday by the renowned housing and construction conglomerate Al-Ghurair Giga Pakistan (Pvt) Limited on their upcoming projects Goldcrest DHA Islamaba
Published 30 Jun, 2007 12:00am
IUB exam results

IUB exam results

The Islamic University, Bahawalpur (IUB), has announced the result of M A Journalism, Economics and Saraiki Supplementary 2006. According to a notification issued here on Friday, some 20 candidates had appeared in journalism and 15 have been declared succ
Published 30 Jun, 2007 12:00am
Farahi assures traders of resolving ATT related problems

Farahi assures traders of resolving ATT related problems

Consul General of Afghanistan, Abdul Khalik Farahi, has assured traders of removing Afghan Transit Trade (ATT) related hindrances affecting Pak-Afghan economic co-operation. Talking to a delegation led by Zia-ul-Haq Sarhadi, the other day, he assured that
Published 30 Jun, 2007 12:00am
Five police officials indicted on Supreme Court's order

Five police officials indicted on Supreme Court's order

The Grain Market Police Sahiwal have registered a case under Police Order 2002 on the direction of the Supreme Court against five officials of elite force and the traffic police. The officials were indicted for torturing a truck driver for blocking a road
Published 30 Jun, 2007 12:00am
US MIDDAY: gold rises

US MIDDAY: gold rises

US gold futures climbed early on Friday, extending Thursday's gains, spurred by a weaker dollar and inflation worries on higher oil prices and a bullish report on agricultural commodities. Joseph Guzzardi at Sabin Commodities said from the COMEX floor tha
Published 30 Jun, 2007 12:00am
US MIDDAY: copper higher

US MIDDAY: copper higher

US copper futures firmed at the open Friday, supported by a planned strike in Chile and global inventory data that continued to reflect tight supply, traders said. "Another big draw in London. Stocks have been consistently on the decline and that is keepi
Published 30 Jun, 2007 12:00am
US MIDDAY: soyabeans soar

US MIDDAY: soyabeans soar

Soya futures at the Chicago Board of Trade surged 5 percent early on Friday following the release of a bullish soya plantings number from the US Department of Agriculture, traders said. CBOT soya closed 1 to 40-1/4 cents per bushel higher, with July up 40
Published 30 Jun, 2007 12:00am
US MIDDAY: wheat down

US MIDDAY: wheat down

Wheat futures at the Chicago Board of Trade were lower at midday on Friday, tumbling from multiyear highs set earlier in a roller-coaster session as the corn market broke down, traders said. As of 12:05 pm CDT (1705 GMT), CBOT July wheat was down 8 cents
Published 30 Jun, 2007 12:00am
US MIDDAY: corn falls

US MIDDAY: corn falls

Chicago Board of Trade corn futures fell from 9 to 14 cents per bushel early on Friday on aggressive buying of December puts in the corn options pit, traders said. The new-crop December contract had swung in a wide 23 cents per bushel trading range by the
Published 30 Jun, 2007 12:00am
Gold gains in Europe

Gold gains in Europe

Gold drifted higher on Friday on a weaker dollar and firmer oil and dealers said physical buying might help the metal move further away from three-month lows. Spot gold was quoted at $650.90/651.90 an ounce at 1348 GMT, against $647.90/$649.40 in New York
Published 30 Jun, 2007 12:00am
Strikes support copper, nickel sets four-month low

Strikes support copper, nickel sets four-month low

Copper prices rose on Friday to near two-week highs as strike threats outweighed the risk aversion that had disrupted markets earlier this week, while nickel touched a four-month low. "Tight fundamentals are reasserting themselves, there's not too much ri
Published 30 Jun, 2007 12:00am
ICCO revises down cocoa deficit

ICCO revises down cocoa deficit

The chief of the International Cocoa Organisation (ICCO) revised down the 2006/2007 (September-October) global cocoa deficit to between 100,000 and 125,000 tonnes and expected global output to rebound in the next crop year.
Published 30 Jun, 2007 12:00am
New York cotton jumps to lifetime peak

New York cotton jumps to lifetime peak

US cotton jumped 4 percent on Friday, hitting a new lifetime peak for its benchmark futures after an 18-year low estimated for plantings. The US Department of Agriculture estimated the upland cotton area for 2007 at 10.760 million acres - the lowest since
Published 30 Jun, 2007 12:00am
Brazil's copper export revenue rises

Brazil's copper export revenue rises

Brazil's copper product manufacturers enjoyed a 40 percent increase in export revenues in the first five months of 2007 compared with the same period in 2006, copper processors' associations Sindicel and ABC reported. Export revenues in the January-May pe
Published 30 Jun, 2007 12:00am
Oil rises to $71 on drop in US fuel stocks

Oil rises to $71 on drop in US fuel stocks

Oil prices rose above $71 a barrel on Friday as investors focused on falling gasoline and crude stocks in key regions of the United States, the world's top consumer. London Brent crude settled up 89 cents at $71.41 a barrel. US crude oil settled $1.11 at
Published 30 Jun, 2007 12:00am
Biofuels may wipe out UK wheat exports

Biofuels may wipe out UK wheat exports

Surging demand for British grain around 2010 as major bioethanol plants come on line will wipe out the UK's wheat exports unless there is a big jump in output by domestic farmers.
Published 30 Jun, 2007 12:00am
Malaysia aims to triple cocoa output

Malaysia aims to triple cocoa output

Malaysia aims to triple its cocoa output to 100,000 tonnes by 2015 from around 32,000 tonnes in 2007 to meet demand from the country's grinding sector, a senior industry official said on Thursday.
Published 30 Jun, 2007 12:00am
FTSE tracks Wall Street gains

FTSE tracks Wall Street gains

The UK's top shares ended the first half's last trading day on higher ground on Friday, clawing back from earlier losses as commodities rose and as a Federal Reserve inflation gauge boosted morale in global stocks.
Published 30 Jun, 2007 12:00am
Malaysian shares up

Malaysian shares up

Malaysian share prices closed 0.27 percent higher on Friday as gains in select blue chips helped the key index to close in positive territory after a volatile session, dealers said. The Kuala Lumpur Composite Index closed up 3.66 points at 1,354.38.
Published 30 Jun, 2007 12:00am
Seoul shares slip

Seoul shares slip

Seoul shares wrapped up the first half of 2007 on Friday with a 22 percent gain on heavy inflows of funds, but caution over the second-half outlook and a drop in Chinese stocks sent the market slightly lower for the day.
Published 30 Jun, 2007 12:00am
US Stocks: Friday's mid-afternoon trade

US Stocks: Friday's mid-afternoon trade

US stocks erased gains and were little changed on Friday as concerns about fewer buyout financings and the subprime mortgage industry hurt financial companies, offsetting the market's optimism about inflation and the economy. Oil's rise to $71 a barrel an
Published 30 Jun, 2007 12:00am
Crossover index widens

Crossover index widens

The cost of insuring the debt of broadcaster ProSiebenSat.1 jumped on Friday following a ratings downgrade, while the broader European credit market widened slightly in choppy trading. In index trading, the iTraxx Crossover, made up of 50 mostly "junk"-ra
Published 30 Jun, 2007 12:00am
Crossover index widens

Crossover index widens

The cost of insuring the debt of broadcaster ProSiebenSat.1 jumped on Friday following a ratings downgrade, while the broader European credit market widened slightly in choppy trading. In index trading, the iTraxx Crossover, made up of 50 mostly "junk"-ra
Published 30 Jun, 2007 12:00am
High yielders, euro rally in London

High yielders, euro rally in London

The euro and high-yielding currencies rallied against the US dollar on Friday while the low-yielding yen weakened broadly, as investors rediscovered their appetite for so-called carry trades. Thursday's relatively neutral statement from the Federal Reserv
Published 30 Jun, 2007 12:00am
Sterling near five-month high

Sterling near five-month high

Sterling hit a near five-month high against a trade-weighted basket of currencies on Friday, supported by expectations of a Bank of England interest rate rise next week and at least one more hike by year-end. However the pound's gains proved short lived v
Published 30 Jun, 2007 12:00am
Indian rupee rises

Indian rupee rises

The Indian rupee closed at its highest level in over a week on Friday as strong foreign inflows hit the market, including some related to Sterlite Industries' $1.75 billion US share sale, dealers said. The rupee ended at 40.70/71 per dollar, climbing from
Published 30 Jun, 2007 12:00am
London bomb could have killed many: police

London bomb could have killed many: police

Police defused a car bomb packed with petrol, gas and nails in London's busy theatre district on Friday, foiling an attack that could have killed many people and echoed a previous al Qaeda plot, police said. Police also sealed off two more central London
Published 30 Jun, 2007 12:00am
New York takes precautions

New York takes precautions

New York police took unspecified precautions on Friday after explosives experts in London defused a car bomb packed with gasoline, gas and nails, Mayor Michael Bloomberg said. "We'll take a little bit of extra precaution," Bloomberg said on his weekly rad
Published 30 Jun, 2007 12:00am
Israel's president resigns over sex crimes

Israel's president resigns over sex crimes

Israeli President Moshe Katsav resigned on Friday, a day after admitting to sex crimes against women employees in a case that has brought unprecedented disgrace on an Israeli head of state. When his resignation from the largely ceremonial post takes effec
Published 30 Jun, 2007 12:00am
Israeli troops kill Fatah member

Israeli troops kill Fatah member

Israeli troops killed a Palestinian militant from President Mahmoud Abbas's Fatah movement on Friday on the second day of a large-scale military raid targeting armed loyalists of the Western-backed leader.
Published 30 Jun, 2007 12:00am
Lebanese troops kill three protesters

Lebanese troops kill three protesters

Lebanese troops fired at Palestinian civilians demanding to return to their homes at a besieged refugee camp on Friday, killing three protesters and wounding 50, witnesses and hospital sources said.
Published 30 Jun, 2007 12:00am
US troops kill three, detain dozens in Iraq raids

US troops kill three, detain dozens in Iraq raids

US forces killed three people they described as militants and detained more than two dozen in a series of raids across Iraq on Friday targeting al Qaeda networks. The military said troops killed the three militants, one of whom was wearing a suicide vest,
Published 30 Jun, 2007 12:00am
Maine coast a relaxed setting for Bush and Putin talks

Maine coast a relaxed setting for Bush and Putin talks

The century-old mansion where US President George W. Bush will host Russian President Vladimir Putin this weekend boasts breathtaking views of Maine's rocky coast, soothing summer breezes and an aura of old wealth.
Published 30 Jun, 2007 12:00am
US army to buy Australian-made armoured vehicles

US army to buy Australian-made armoured vehicles

An Australian company is close to signing a multi-million dollar deal to supply the United States army with armoured vehicles, a report said Friday. Defence manufacturer Thales Australia is expected to announce it will provide 1,500 Bushmaster armoured pe
Published 30 Jun, 2007 12:00am
2007 seen as second warmest year as climate shifts

2007 seen as second warmest year as climate shifts

This year is on track to be the second warmest since records began in the 1860s and floods in Pakistan or a heatwave in Greece may herald worse disruptions in store from global warming, experts said on Friday.
Published 30 Jun, 2007 12:00am
Poland clashes with EU on treaty again

Poland clashes with EU on treaty again

Poland vowed on Friday to reopen debate on an EU treaty deal to ensure it gets the concessions it wants on voting rights, clashing again with European partners who say those discussions are over.
Published 30 Jun, 2007 12:00am
US court to hear appeal by Guantanamo prisoners

US court to hear appeal by Guantanamo prisoners

The US Supreme Court said on Friday it would hear appeals by Guantanamo prisoners on their right to challenge their confinement before federal judges, a test of President George W. Bush's powers in the war on terrorism.
Published 30 Jun, 2007 12:00am
Olmert should forget about Saudi meeting: Mubarak

Olmert should forget about Saudi meeting: Mubarak

Egypt's President Hosni Mubarak has said that Israeli Prime Minister Ehud Olmert, who called in April for a regional conference with Arab leaders, should "forget about" holding talks with Saudi Arabia's King Abdullah.
Published 30 Jun, 2007 12:00am
Bosnia to bury over 400 Srebrenica massacre victims

Bosnia to bury over 400 Srebrenica massacre victims

The remains of more than 400 Bosnian Muslims killed in Srebrenica will be buried there next month on the 12th anniversary of Europe's worst atrocity since World War II, organisers said on Friday. The remains of 436 victims had been found in mass graves in
Published 30 Jun, 2007 12:00am
Hu arrives in Hong Kong for handover celebrations

Hu arrives in Hong Kong for handover celebrations

Chinese President Hu Jintao arrived here Friday at the start of three days of celebrations marking Hong Kong's first decade after returning to Chinese rule. The Chinese leader will have an informal dinner with Chief Executive Donald Tsang on Friday before
Published 30 Jun, 2007 12:00am
Thaksin's children ordered to pay $360 million tax

Thaksin's children ordered to pay $360 million tax

The children of ousted Thai prime minister Thaksin Shinawatra must pay 11.45 billion baht ($362 million) in back taxes and fines from the sale of holdings in the family telecoms empire, a top tax official said on Friday.
Published 30 Jun, 2007 12:00am
Zimbabwe lifts ban on Harare rallies and protests

Zimbabwe lifts ban on Harare rallies and protests

Zimbabwe has lifted a ban on political rallies and protests in Harare which the opposition had likened to a state of emergency, but police permits are still required for such gatherings.
Published 30 Jun, 2007 12:00am
Inzamam opts county cricket to keep Test place

Inzamam opts county cricket to keep Test place

Former Pakistan captain Inzamam-ul-Haq said on Friday that he wants to play English county cricket in a bid to improve his fitness and keep his place in the national Test side. The burly player quit as skipper and retired from one-day cricket after Pakist
Published 30 Jun, 2007 12:00am
Henin powers past Russian into fourth round at Wimbledon

Henin powers past Russian into fourth round at Wimbledon

Justine Henin used her formidable backhand and clever angles to beat Russian Elena Vesnina 6-1 6-3 in the third round at Wimbledon on Friday. The world number one, seeking her first Wimbledon crown to complete her grand slam collection, has had an easy ri
Published 30 Jun, 2007 12:00am
Zimbabwe Test exile continues

Zimbabwe Test exile continues

Zimbabwe's exile from Test cricket is set to continue, the International Cricket Council (ICC) announced Friday, amidst reports of financial corruption which the global governing body said it would investigate.
Published 30 Jun, 2007 12:00am
Women's tennis calendar cut for 2009

Women's tennis calendar cut for 2009

Women's tennis organisers announced a new calendar on Friday that will significantly shorten the season from 2009. The WTA's new "Roadmap" calendar will trim the current 25 tier one and two events to 20 premium tournaments anchored by four mandatory event
Published 30 Jun, 2007 12:00am
Tendulkar first to make 15,000 ODI runs

Tendulkar first to make 15,000 ODI runs

India's Sachin Tendulkar became the first man in cricket history to score 15,000 one-day international runs when he reached fifty against South Africa at Stormont here on Friday.
Published 30 Jun, 2007 12:00am
Morgan to become ICC President in 2008

Morgan to become ICC President in 2008

David Morgan, chairman of the England and Wales Cricket Board (ECB), will become International Cricket Council (ICC) president in 2008, the global governing body announced here on Friday. Morgan's appointment was confirmed at a press conference at The Ova
Published 30 Jun, 2007 12:00am
Asian currencies broadly firmer

Asian currencies broadly firmer

The high-yielding Indonesian rupiah and Philippine peso rose on Friday as risk appetite improved, but the gains were limited by the dollar's strength after the Federal Reserve restated its worries about inflation. Most other Asian currencies rose against
Published 30 Jun, 2007 12:00am
Hong Kong dollar edges lower

Hong Kong dollar edges lower

The Hong Kong dollar ended slightly lower on Friday after moving in a narrow range ahead of a long weekend. The currency was trading at 7.8166/68 against the US dollar at 0943 GMT, softer than 7.8154/56 in late Thursday trade in Asia.
Published 30 Jun, 2007 12:00am
Dollar drifts higher

Dollar drifts higher

The dollar rose against the euro on Thursday after the Federal Reserve, which held interest rates steady as expected, reiterated concerns about lingering price pressures in the US economy. The Fed dropped from its policy statement a description of core in
Published 30 Jun, 2007 12:00am
Dollar extends gains against yen

Dollar extends gains against yen

The dollar extended gains against the yen on Friday after the Federal Reserve repeated its worries about stubborn price pressures, reinforcing expectations that the central bank will stand pat on interest rates for some time.
Published 30 Jun, 2007 12:00am
Yuan ends at post-revaluation high

Yuan ends at post-revaluation high

China's yuan closed at a post-revaluation high against the dollar on Friday, guided by the central bank's strong mid-point, but dealers expected a downward correction next week after unusually strong gains in recent weeks.
Published 30 Jun, 2007 12:00am
Swiss franc loses ground

Swiss franc loses ground

The Swiss franc fell against the euro and the dollar on Friday after the Swiss National Bank failed to impress markets by repeating its warning the weakening franc could trigger further rate hikes.
Published 30 Jun, 2007 12:00am
Philippines shares surge

Philippines shares surge

Philippines share prices closed 0.56 percent higher on Friday as fund managers built up portfolios in certain stocks in time for the closing of their books for the month, dealers said. The composite index added 20.23 points to 3,665.23, the day's high. Th
Published 30 Jun, 2007 12:00am
Nikkei hits highest close in week

Nikkei hits highest close in week

The Nikkei average booked its highest close in a week on Friday, climbing 1.15 percent as exporters such as Toyota Motor Corp gained on a dip in the yen and after the Federal Reserve kept interest rates unchanged in the key US market.
Published 30 Jun, 2007 12:00am
Thai share prices drop

Thai share prices drop

Thai share prices closed 0.11 percent lower on Friday on relieved worries over US interest rates after the Federal Reserve left its benchmark rate unchanged, dealers said. They said the Thai bourse reacted to a plunge on the Chinese market, even as Thaila
Published 30 Jun, 2007 12:00am
Indian shares rise

Indian shares rise

Indian share prices rose 1.01 percent on Friday, on improving global market trends after the US Federal Reserve kept key rates unchanged, dealers said. They said sentiment also improved as India's inflation fell to a 14-month low, according to data releas
Published 30 Jun, 2007 12:00am
Chinese shares suffer worst monthly loss in two years

Chinese shares suffer worst monthly loss in two years

Chinese main stock index tumbled more than 2 percent on Friday, ending June with its biggest monthly loss since May 2005, because of fear that government policies would suck funds from the market. Parliament on Friday approved $200 billion worth of specia
Published 30 Jun, 2007 12:00am
Taiwan stocks fall

Taiwan stocks fall

Taiwan stocks ended 0.11 percent lower on Friday, paced by financial shares such as Cathay, amid renewed concerns the sector would not see a major improvement in earnings even as a consumer credit crisis eased. The main TAIEX share index slid 9.62 points
Published 30 Jun, 2007 12:00am
US Treasury prices slip

US Treasury prices slip

US Treasuries prices fell on Thursday after the Federal Reserve left benchmark interest rates on hold but played down a recent pullback in inflation, saying there was still plenty to worry about. The emphasis on stubborn consumer prices was not accompanie
Published 30 Jun, 2007 12:00am
US Treasury prices slip

US Treasury prices slip

US Treasuries prices fell on Thursday after the Federal Reserve left benchmark interest rates on hold but played down a recent pullback in inflation, saying there was still plenty to worry about. The emphasis on stubborn consumer prices was not accompanie
Published 30 Jun, 2007 12:00am
US stocks end flat

US stocks end flat

US stocks closed little changed on Thursday, after the Federal Reserve said it sees moderate economic growth over coming quarters but signaled it remains concerned about inflation. The Nasdaq closed slightly higher, boosted by communications equipment and
Published 30 Jun, 2007 12:00am
Hong Kong shares soften

Hong Kong shares soften

Hong Kong blue chips dropped 0.8 percent and China plays fell 0.4 percent on Friday, as a tumble in mainland bourses dragged down China Life and other Chinese financial plays. But Yanzhou Coal Mining Co Ltd rallied to an all-time high after agreeing to se
Published 30 Jun, 2007 12:00am
Singapore shares slightly firmer

Singapore shares slightly firmer

Singapore share prices closed 0.28 percent higher on Friday after the US Federal Reserve held its key interest rate unchanged and offered few hints about a future change, dealers said. They said property counters pushed the index higher but the gains were
Published 30 Jun, 2007 12:00am
Jakarta shares soar

Jakarta shares soar

Jakarta share prices closed 1.25 percent higher on Friday led by big-caps and miners with investors optimistic inflation remains under control, dealers said. They said a firmer rupiah added to the market's positive tone.
Published 30 Jun, 2007 12:00am
EU worried by Italy's limited budget cut plan

EU worried by Italy's limited budget cut plan

The European Commission on Friday slammed Italy's decision to scale back plans to cut its budget deficit, saying they were limited and would have a knock-on effect on the country's towering debt pile.
Published 30 Jun, 2007 12:00am
Climate change threatens North Africa food supply

Climate change threatens North Africa food supply

Increasingly frequent droughts in North Africa will force governments to import more food, placing their economies under severe strain unless global warming is checked, a senior UN climate expert said.
Published 30 Jun, 2007 12:00am
General Mills profit just below estimates

General Mills profit just below estimates

General Mills Inc on Thursday posted quarterly profit that was a penny shy of analysts' estimates as increased marketing spending and higher commodity costs tempered gains. Shares of the company, which has seen higher costs chip away at margins, fell 1 pe
Published 30 Jun, 2007 12:00am
Germany to sign joint venture agreement for Airbus factory in China

Germany to sign joint venture agreement for Airbus factory in China

German Economy Minister Michael Glos, currently on a visit to China, is to sign a joint-venture agreement for an Airbus factory in the city of Tianjin, his ministry said Tuesday. The deal, to be inked Thursday, will set the terms for building the first ma
Published 30 Jun, 2007 12:00am
BP aims to double LPG imports, sales in China by 2010

BP aims to double LPG imports, sales in China by 2010

BP aims to nearly double imports and sales of liquefied petroleum gas (LPG) in China by 2010, as it plans to widen its distribution network to overcome rising competition, a senior executive said on Wednesday.
Published 30 Jun, 2007 12:00am
Basell to buy Huntsman for about $5.6 billion

Basell to buy Huntsman for about $5.6 billion

Chemicals maker Basell said on Tuesday it has agreed to buy US chemical company Huntsman Corp for $5.6 billion excluding debt, in a bid to strengthen its position as a global chemicals group.
Published 30 Jun, 2007 12:00am
IMF and World Bank cooperating with Bolivia

IMF and World Bank cooperating with Bolivia

The International Monetary Fund and the World Bank are co-operating "unconditionally" with Bolivia's government after months of frosty relations, President Evo Morales said on Thursday.
Published 30 Jun, 2007 12:00am
China capmaker plans to double franchise stores

China capmaker plans to double franchise stores

Mainland Headwear Holdings Ltd, the world's largest listed maker of caps, plans to nearly double the number of its franchised stores in China despite a media backlash after it was accused of labour abuses.
Published 30 Jun, 2007 12:00am
Omani trader sees future fuel from date palms

Omani trader sees future fuel from date palms

The date palms that have provided nourishment to desert caravans across the centuries could soon be fuelling cars. Omani entrepreneur Mohammed bin Saif al-Harthy and his associates at the Oman Green Energy Company have come up with a way to transform extr
Published 30 Jun, 2007 12:00am
Dubai talking with China on state fund tie-up

Dubai talking with China on state fund tie-up

Dubai and Chinese officials have begun talks on cooperation between their state investment agencies even as China readies a vehicle that could wield as much as $200 billion. An executive of Dubai World told Reuters on Wednesday that senior officials from
Published 30 Jun, 2007 12:00am
Sarkozy's vision of euro chaotic: Mandelson

Sarkozy's vision of euro chaotic: Mandelson

European Trade Commissioner Peter Mandelson launched a harsh attack on French President Nicolas Sarkozy on Friday, saying if everyone followed his vision of the euro and monetary policy it would lead to economic chaos. Sarkozy has repeatedly said the euro
Published 30 Jun, 2007 12:00am
South Africa trade deficit eases

South Africa trade deficit eases

South Africa's trade deficit narrowed in May, easing pressure on an ailing current account and boosting the rand currency, while stubbornly high credit growth slowed slightly. The data was encouraging, analysts said, but may not be enough to stave off ano
Published 30 Jun, 2007 12:00am
US to look to Asia-Pacific if Doha talks fail

US to look to Asia-Pacific if Doha talks fail

The United States will look to more regional and bilateral trade deals, including a possible Asia-Pacific trade bloc, if world trade talks fail, US Trade Representative Susan Schwab has told an Australian newspaper.
Published 30 Jun, 2007 12:00am
China approves labour contract law

China approves labour contract law

China's National People's Congress, or legislature, approved on Friday a labour contract law, laying out broad principles regulating corporations and employees.
Published 30 Jun, 2007 12:00am
EU tightens import controls on Chinese seafood

EU tightens import controls on Chinese seafood

European Union countries are stepping up safety controls on Chinese food imports following a US crackdown on Chinese farm-raised catfish, shrimp and other seafood, the European Commission said on Friday.
Published 30 Jun, 2007 12:00am
Diamond futures set to start within few years

Diamond futures set to start within few years

Transparent and liquid trading in diamond futures should be a reality within the next couple of years, two separate pioneering groups believe, creating a market worth up to $200 billion.
Published 30 Jun, 2007 12:00am
US inflation gauge eases, Midwest activity grows

US inflation gauge eases, Midwest activity grows

A closely watched gauge of US consumer inflation fell in May to its slowest annual pace in three years, while Midwest business activity kept expanding in June at a healthy clip, reports on Friday showed. In a separate report, a Reuters/University of Michi
Published 30 Jun, 2007 12:00am
South Korea and US agree on changes to free trade deal

South Korea and US agree on changes to free trade deal

South Korea has accepted a US request to add new labour and environmental provisions to a trade deal they reached in April and will sign the pact by a Saturday deadline, the prime minister said.
Published 30 Jun, 2007 12:00am
German retail sales fall in May

German retail sales fall in May

German retail sales posted a small decline in May, official data showed on Friday, but economists said spending nevertheless looked on track for a solid second quarter.
Published 30 Jun, 2007 12:00am
Islamabad to announce higher gas price in July

Islamabad to announce higher gas price in July

Pakistan will announce an increase in the wellhead price of its gas next month when it unveils a new Petroleum Policy, a top government official said on Friday. The increase in the price cap of the gas the government buys from producers for distribution t
Published 30 Jun, 2007 12:00am
M&A on pace for record despite signs of strain

M&A on pace for record despite signs of strain

Global M&A activity is on target for a record year after a first-half surge, bankers say, despite growing signs the benign lending environment that has underpinned the current boom may be coming to an end.
Published 30 Jun, 2007 12:00am
Islamabad to announce higher gas price in July

Islamabad to announce higher gas price in July

Pakistan will announce an increase in the wellhead price of its gas next month when it unveils a new Petroleum Policy, a top government official said on Friday. The increase in the price cap of the gas the government buys from producers for distribution t
Published 30 Jun, 2007 12:00am
French premier courts international investors

French premier courts international investors

French Prime Minister Francois Fillon wooed foreign investors on Friday telling them France planned to make itself one of the most attractive countries in Europe through tax changes. "France is ready for action," Fillon told a global investment conference
Published 30 Jun, 2007 12:00am
Islamabad to announce higher gas price in July

Islamabad to announce higher gas price in July

Pakistan will announce an increase in the wellhead price of its gas next month when it unveils a new Petroleum Policy, a top government official said on Friday. The increase in the price cap of the gas the government buys from producers for distribution t
Published 30 Jun, 2007 12:00am
Sri Lanka growth slows

Sri Lanka growth slows

Sri Lanka's annual economic growth slowed in the first quarter to its weakest pace in two years, on signs that high interest rates and the uncertainty of renewed civil war are taking a toll. Gross domestic product in the latest quarter rose 6.1 percent fr
Published 30 Jun, 2007 12:00am
KSE-100 index grows by 38 percent in fiscal year 2007

KSE-100 index grows by 38 percent in fiscal year 2007

The Karachi Stock Exchange (KSE), one of the most emerging share markets in the region, witnessed bullish trend during the sixth consecutive year, as the benchmark KSE-100 index grew by 38 percent during FY07, on the back of great foreign investor's inter
Published 30 Jun, 2007 12:00am
Air fares not exempt from competition rules: EU

Air fares not exempt from competition rules: EU

The European Commission told airlines on Friday they would no longer be exempt from competition rules when setting fares for flights involving more than one carrier between the European Union and other nations.
Published 30 Jun, 2007 12:00am
KSE-100 index grows by 38 percent in fiscal year 2007

KSE-100 index grows by 38 percent in fiscal year 2007

The Karachi Stock Exchange (KSE), one of the most emerging share markets in the region, witnessed bullish trend during the sixth consecutive year, as the benchmark KSE-100 index grew by 38 percent during FY07, on the back of great foreign investor's inter
Published 30 Jun, 2007 12:00am
Eurozone inflation stabilises in June

Eurozone inflation stabilises in June

Eurozone inflation stuck to the European Central Bank's target level in June, data showed on Friday, but price rise expectations rose and business morale remained strong, making higher interest rates seem more likely. Annual inflation in the 13 countries
Published 30 Jun, 2007 12:00am
KSE-100 index grows by 38 percent in fiscal year 2007

KSE-100 index grows by 38 percent in fiscal year 2007

The Karachi Stock Exchange (KSE), one of the most emerging share markets in the region, witnessed bullish trend during the sixth consecutive year, as the benchmark KSE-100 index grew by 38 percent during FY07, on the back of great foreign investor''s inte
Published 30 Jun, 2007 12:00am
Global foreign exchange reserves surge, but dollar share slips: IMF

Global foreign exchange reserves surge, but dollar share slips: IMF

Global central banks' holdings of dollars rose 4 percent to a record $2.24 trillion in the first quarter of 2007, although the greenback's share of total reserves slipped to its lowest in at least a decade, data from the International Monetary Fund showed
Published 30 Jun, 2007 12:00am
World Bank-proposed oil pricing formula rejected

World Bank-proposed oil pricing formula rejected

While apparently succumbing to the refineries' pressure, the government has rejected the World Bank's proposed formula based on open market mechanism for oil pricing. This has been followed by another decision by the government authorities that there was
Published 30 Jun, 2007 12:00am
iPhone to hit stores, hundreds wait on line

iPhone to hit stores, hundreds wait on line

Hundreds of gadget fans, or their paid stand-ins, lined up on Friday to be the first buyers of Apple Inc's iPhone, a music and video playing phone that seeks to reshape the mobile industry. Apple stores became a magnet for technology enthusiasts to wait f
Published 30 Jun, 2007 12:00am
World Bank-proposed oil pricing formula rejected

World Bank-proposed oil pricing formula rejected

While apparently succumbing to the refineries' pressure, the government has rejected the World Bank's proposed formula based on open market mechanism for oil pricing. This has been followed by another decision by the government authorities that there was
Published 30 Jun, 2007 12:00am
Malaysian palm oil climbs

Malaysian palm oil climbs

Malaysian crude palm oil futures ended 1.8 percent higher in light trade on Friday due to surging soyaoil prices, while market participants awaited June export numbers. The benchmark September contract on the Bursar Malaysia Derivatives Exchange settled u
Published 30 Jun, 2007 12:00am
World Bank-proposed oil pricing formula rejected

World Bank-proposed oil pricing formula rejected

While apparently succumbing to the refineries'' pressure, the government has rejected the World Bank''s proposed formula based on open market mechanism for oil pricing. This has been followed by another decision by the government authorities that there wa
Published 30 Jun, 2007 12:00am
Tokyo rubber lower

Tokyo rubber lower

Tokyo rubber futures closed the lower on Friday as bearish technical trends slashed gains despite the firmness in some commodities such as gold. The benchmark Tokyo Commodity Exchange rubber contract for December delivery closed the down 1.0 yen from Thur
Published 30 Jun, 2007 12:00am
Iran invites Musharraf and Manmohan to sign gas deal

Iran invites Musharraf and Manmohan to sign gas deal

Iran on Friday invited Prime Minister Manmohan Singh and Pakistan President Pervez Musharraf to Tehran for signing a tri-nation deal on natural gas, supply that could start from 2011. India's Petroleum Minister Murli Deora will meet his Pakistani counterp
Published 30 Jun, 2007 12:00am
CBOT rice firm

CBOT rice firm

Rough rice futures at the Chicago Board of Trade closed higher on Thursday amid positioning before the government updates its US acreage figure, traders said. "There are some folks that believe the acreage figure tomorrow morning will be down considerably
Published 30 Jun, 2007 12:00am
Iran invites Musharraf and Manmohan to sign gas deal

Iran invites Musharraf and Manmohan to sign gas deal

Iran on Friday invited Prime Minister Manmohan Singh and Pakistan President Pervez Musharraf to Tehran for signing a tri-nation deal on natural gas, supply that could start from 2011. India's Petroleum Minister Murli Deora will meet his Pakistani counterp
Published 30 Jun, 2007 12:00am
CBOT soyabeans end strong

CBOT soyabeans end strong

Soyabean futures at the Chicago Board of Trade climbed on Thursday on slipover buying from soyaoil, traders said. "World trade is pretty active in oilseeds and we're starting to worry about a drawdown in inventories beyond the soyabean market," said Roy H
Published 30 Jun, 2007 12:00am
Iran invites Musharraf and Manmohan to sign gas deal

Iran invites Musharraf and Manmohan to sign gas deal

Iran on Friday invited Prime Minister Manmohan Singh and Pakistan President Pervez Musharraf to Tehran for signing a tri-nation deal on natural gas, supply that could start from 2011. India''s Petroleum Minister Murli Deora will meet his Pakistani counter
Published 30 Jun, 2007 12:00am
New York sugar settles mixed

New York sugar settles mixed

Raw sugar futures finished mixed after a rangebound session on Thursday in two-sided trade dealings following a dominated by July/October spreads ahead of the front-month's expiration on Friday, brokers said.
Published 30 Jun, 2007 12:00am
Direct taxes emerge as major revenue spinner

Direct taxes emerge as major revenue spinner

Direct taxes have emerged as major revenue spinners with over 48 percent growth during 2006-07, enabling the Central Board of Revenue (CBR) to maintain 17.5 percent growth momentum during the outgoing fiscal year. Sources told Business Recorder on
Published 30 Jun, 2007 12:00am
Shanghai copper up

Shanghai copper up

Shanghai copper prices rose 1.4 percent on Friday, following gains in London as industrial action buoyed sentiment, but concerns over slackening China demand curbed further rises The most-active September copper contract on the Shanghai Futures Exchange h
Published 30 Jun, 2007 12:00am
Direct taxes emerge as major revenue spinner

Direct taxes emerge as major revenue spinner

Direct taxes have emerged as major revenue spinners with over 48 percent growth during 2006-07, enabling the Central Board of Revenue (CBR) to maintain 17.5 percent growth momentum during the outgoing fiscal year. Sources told Business Recorder on
Published 30 Jun, 2007 12:00am
Australia primed for wheat export surge

Australia primed for wheat export surge

Australia could be heading for a record wheat crop with strong recent rains setting the country up for a big jump in exports, which would be welcomed by a weather-battered world eager to refill grain bins.
Published 30 Jun, 2007 12:00am
Direct taxes emerge as major revenue spinner

Direct taxes emerge as major revenue spinner

Direct taxes have emerged as major revenue spinners with over 48 percent growth during 2006-07, enabling the Central Board of Revenue (CBR) to maintain 17.5 percent growth momentum during the outgoing fiscal year. Sources told Business Recorder on
Published 30 Jun, 2007 12:00am
Oil steady around $70

Oil steady around $70

Oil held steady around $70 for a third session on Friday as the market remained focused on falling US gasoline inventories and a decline in crude stocks in a key delivery point in the world's largest consumer.
Published 30 Jun, 2007 12:00am
One percent special excise duty notified

One percent special excise duty notified

The Central Board of Revenue (CBR) has imposed one percent special excise duty (SED) on import and local manufacturing of goods from July 1. The Board on Friday issued SRO 655(I)/2007 to levy SED on import and local manufacturing of goods specified in the
Published 30 Jun, 2007 12:00am
China cocoa grinders aim to lift quality image

China cocoa grinders aim to lift quality image

Cocoa grinders in China are striving to improve quality as consumers turn their backs on their products because of the high use of cocoa shells, a senior industry official said on Friday.
Published 30 Jun, 2007 12:00am
One percent special excise duty notified

One percent special excise duty notified

The Central Board of Revenue (CBR) has imposed one percent special excise duty (SED) on import and local manufacturing of goods from July 1. The Board on Friday issued SRO 655(I)/2007 to levy SED on import and local manufacturing of goods specified in the
Published 30 Jun, 2007 12:00am
Tokyo gold little changed after recovery

Tokyo gold little changed after recovery

Gold was little changed on Friday after a rebound the previous day on physical buying at lower prices, rising oil prices and data showing US inflation pressures are stronger than expected. Spot gold stood at $647.00/648.50 an ounce, versus $647.90/$649.40
Published 30 Jun, 2007 12:00am
One percent special excise duty notified

One percent special excise duty notified

The Central Board of Revenue (CBR) has imposed one percent special excise duty (SED) on import and local manufacturing of goods from July 1. The Board on Friday issued SRO 655(I)/2007 to levy SED on import and local manufacturing of goods specified in the
Published 30 Jun, 2007 12:00am
US gold bounces to end up

US gold bounces to end up

US gold and silver futures rebounded to finish higher on Thursday on physical buying and rising oil prices, and as data showed that inflation pressures were stronger than expected.
Published 30 Jun, 2007 12:00am
One percent special excise duty notified

One percent special excise duty notified

The Central Board of Revenue (CBR) has imposed one percent special excise duty (SED) on import and local manufacturing of goods from July 1. The Board on Friday issued SRO 655(I)/2007 to levy SED on import and local manufacturing of goods specified in the
Published 30 Jun, 2007 12:00am
US copper hits two-week peak

US copper hits two-week peak

US copper futures climbed to a two-week high at the open on Thursday as investors bid the market up on concerns that output will take a hit at one of the world's largest copper mines where workers voted to strike, analysts said.
Published 30 Jun, 2007 12:00am
SBP says 11.3 percent food inflation 'very high'

SBP says 11.3 percent food inflation 'very high'

Food inflation has touched the highest peak of current year at 11.3 percent during May as against 5.6 percent during the same period of last year. This increase has been attributed to reversal of inflation from negative to positive in some key food items,
Published 30 Jun, 2007 12:00am
USDA cotton acreage may hit 18-year low

USDA cotton acreage may hit 18-year low

The US cotton acreage could be nearing an 18-year low as farmers migrate in growing numbers to more remunerative crops like corn and wheat, analysts said ahead of an official cotton plantings report due shortly.
Published 30 Jun, 2007 12:00am
SBP says 11.3 percent food inflation 'very high'

SBP says 11.3 percent food inflation 'very high'

Food inflation has touched the highest peak of current year at 11.3 percent during May as against 5.6 percent during the same period of last year. This increase has been attributed to reversal of inflation from negative to positive in some key food items,
Published 30 Jun, 2007 12:00am
MGE spring wheat make gains

MGE spring wheat make gains

Spring wheat futures on the Minneapolis Grain Exchange closed sharply higher on Thursday in spread-dominated trade, with spot July leading the way up, brokers said. Fundamental news added support, including a large weekly US export sales figure and an out
Published 30 Jun, 2007 12:00am
SBP says 11.3 percent food inflation ''very high''

SBP says 11.3 percent food inflation ''very high''

Food inflation has touched the highest peak of current year at 11.3 percent during May as against 5.6 percent during the same period of last year. This increase has been attributed to reversal of inflation from negative to positive in some key food items,
Published 30 Jun, 2007 12:00am
New York cocoa end lower

New York cocoa end lower

US open-outcry cocoa futures settled lower on Thursday as profit-taking drove prices down from 4-1/4-year highs reached this week, dealers said. "I think the fundamentals, short term, are friendly, with the poor midcrop," the trader added. "The differenti
Published 30 Jun, 2007 12:00am
Stock market hits new high level

Stock market hits new high level

The KSE-100 index, after breaching through 13,800 historic level to hit 13,806.38 points intra-day high, finally concluded at its highest ever level of 13,772.46 points with a fresh gain of 44.51 points on Friday, the last trading session of FY07 on the b
Published 30 Jun, 2007 12:00am
New York coffee settles higher

New York coffee settles higher

US arabica coffee inched its way higher for the third straight session to settle firmer on Thursday as players squared their positions ahead of the quarter's end on Friday, traders said.
Published 30 Jun, 2007 12:00am
Stock market hits new high level

Stock market hits new high level

The KSE-100 index, after breaching through 13,800 historic level to hit 13,806.38 points intra-day high, finally concluded at its highest ever level of 13,772.46 points with a fresh gain of 44.51 points on Friday, the last trading session of FY07 on the b
Published 30 Jun, 2007 12:00am
Stock market hits new high level

Stock market hits new high level

The KSE-100 index, after breaching through 13,800 historic level to hit 13,806.38 points intra-day high, finally concluded at its highest ever level of 13,772.46 points with a fresh gain of 44.51 points on Friday, the last trading session of FY07 on the b
Published 30 Jun, 2007 12:00am
Prices flat on grain market

Prices flat on grain market

Matching supplies with demands did not allow the prices to move any side on the grain market on Friday, dealers said. Minor changes were seen in some items but closed at the overnight levels, they added.
Published 30 Jun, 2007 12:00am
BRIndex30 gains 20.24 points

BRIndex30 gains 20.24 points

On Friday, BRIndex30 opened in the positive zone at 15,400.39. It closed at 15,408.70 with a net positive change of 20.24 points or 0.13 percent. It recorded intra-day high of 15,495.78 and intra-day low of 15,302.86. The volume amounted to 295,509,600, w
Published 30 Jun, 2007 12:00am
US exporters sell corn to South Korea

US exporters sell corn to South Korea

Private exporters reported the sale of 220,000 tonnes of corn to South Korea for the 2006/07 and 2007/08 marketing years, the US Agriculture Department said Thursday. Of the total, 55,000 tonnes are for delivery during the 2006/07 marketing year and 165,0
Published 30 Jun, 2007 12:00am
BRIndex30 gains 20.24 points

BRIndex30 gains 20.24 points

On Friday, BRIndex30 opened in the positive zone at 15,400.39. It closed at 15,408.70 with a net positive change of 20.24 points or 0.13 percent. It recorded intra-day high of 15,495.78 and intra-day low of 15,302.86. The volume amounted to 295,509,600, w
Published 30 Jun, 2007 12:00am
Rains may push cotton prices to Rs 3000

Rains may push cotton prices to Rs 3000

Continued rains in most parts of the country might push the cotton rates to breach the barrier of Rs 3000, dealers said on Friday. The Karachi Cotton Association (KCA) official spot rate maintained upward trend for the second day, picking up Rs 25 to Rs 2
Published 30 Jun, 2007 12:00am
Supreme Court takes notice of pensioners' woes

Supreme Court takes notice of pensioners' woes

The Supreme Court has taken suo motu notice of the problems being faced by pensioners in receiving their pensions from banks, and directed State Bank of Pakistan Governor to submit a report in the matter on July 12.
Published 30 Jun, 2007 12:00am
Oil cake market rates

Oil cake market rates

The July vaida was unchanged while the December vaida gave up its overnight weakness, posted fresh gains on the forward cottonseed oilcake market on Friday in process of trading, brokers said. The July vaida was unchanged at Rs 650.00 and closing was seen
Published 30 Jun, 2007 12:00am
Supreme Court takes notice of pensioners' woes

Supreme Court takes notice of pensioners' woes

The Supreme Court has taken suo motu notice of the problems being faced by pensioners in receiving their pensions from banks, and directed State Bank of Pakistan Governor to submit a report in the matter on July 12.
Published 30 Jun, 2007 12:00am
CBoT wheat futures rise

CBoT wheat futures rise

Wheat futures at the Chicago Board of Trade settled higher on Thursday, rebounding from Wednesday's lower close on bullish weekly export data and a forecast for tighter global wheat supplies, traders said. The International Grains Council cut its 2007/08
Published 30 Jun, 2007 12:00am
Nepra allows 36.65 paisa raise in hydel tariff

Nepra allows 36.65 paisa raise in hydel tariff

The National Electric Power Regulatory Authority (Nepra) has allowed the Water and Power Development Authority (Wapda) to increase hydroelectric tariff by 36.65 paisa per unit for 2007-08. Wapda's current hydroelectric tariff is 260.22 paisa per unit, whi
Published 30 Jun, 2007 12:00am
KCBT wheat futures mostly higher

KCBT wheat futures mostly higher

Hard red winter wheat futures on the Kansas City Board of Trade settled mostly higher on Thursday on continued US harvest delays and bullish export data, traders said. The market closed 5 cents lower to 11-1/4 cents higher, with the July contract up 11-1/
Published 30 Jun, 2007 12:00am
Nepra allows 36.65 paisa raise in hydel tariff

Nepra allows 36.65 paisa raise in hydel tariff

The National Electric Power Regulatory Authority (Nepra) has allowed the Water and Power Development Authority (Wapda) to increase hydroelectric tariff by 36.65 paisa per unit for 2007-08. Wapda's current hydroelectric tariff is 260.22 paisa per unit, whi
Published 30 Jun, 2007 12:00am
Indian sugar futures rise

Indian sugar futures rise

Indian sugar futures climbed more than 1 percent on Friday, on expectations the government would help mills in the coming weeks to reschedule their debt, analysts said. Activity was hectic in the August contract than in the immediate month, as the short-t
Published 30 Jun, 2007 12:00am
Nepra allows 36.65 paisa raise in hydel tariff

Nepra allows 36.65 paisa raise in hydel tariff

The National Electric Power Regulatory Authority (Nepra) has allowed the Water and Power Development Authority (Wapda) to increase hydroelectric tariff by 36.65 paisa per unit for 2007-08. Wapda''s current hydroelectric tariff is 260.22 paisa per unit, wh
Published 30 Jun, 2007 12:00am
WCE canola gets boost from soyaoil

WCE canola gets boost from soyaoil

Canola futures on the Winnipeg Commodity Exchange made gains on Thursday after US soyaoil futures got a lift from the crude oil market, traders said. Canola settled $1.10 to $4.70 per tonne higher, with July up $4.70 at $375.30 and November up $3.80 at $3
Published 30 Jun, 2007 12:00am
Indonesian palm oil prices mixed

Indonesian palm oil prices mixed

Indonesian palm oil prices were mixed on Friday as news of a government decision to keep palm oil tax at 6.5 percent for a couple of months failed to impress players. At the state marketing centre in Jakarta, which sells palm oil from state plantations, c
Published 30 Jun, 2007 12:00am
Indian soyaoil futures rise

Indian soyaoil futures rise

Indian soyaoil futures firmed on Friday, and there could be more rises next week as domestic prices catch up with imported soyaoil, analysts said. At 2:40 pm (0910 GMT), the July contract on the National Commodity and Derivatives Exchange (NCDEX) was up 0
Published 30 Jun, 2007 12:00am
Bank holiday

Bank holiday

The State Bank of Pakistan (SBP) and all offices of SBP banking services corporation, including the Public Debt offices, will remain closed on Monday (July 2), which will be observed as bank holiday to enable bank to close their accounts.
Published 30 Jun, 2007 12:00am
Corn ends mostly lower

Corn ends mostly lower

Corn futures at the Chicago Board of Trade ended mostly lower Thursday, with July down 1 percent at an 8-month low, on good crop weather in the US Midwest and prospects for huge corn acreage this year in the United States, traders and analysts said.
Published 30 Jun, 2007 12:00am
Bank holiday

Bank holiday

The State Bank of Pakistan (SBP) and all offices of SBP banking services corporation, including the Public Debt offices, will remain closed on Monday (July 2), which will be observed as bank holiday to enable bank to close their accounts.
Published 30 Jun, 2007 12:00am
Activity at Karachi and Qasim ports

Activity at Karachi and Qasim ports

The Karachi Port handled 80,879 tonnes cargo including 55,920 tonnes import, 24,952 tonnes export cargo and 3,901 containers (TEUs) during last 24 hours ending at 0700 hours on Friday.
Published 30 Jun, 2007 12:00am
Bank holiday

Bank holiday

The State Bank of Pakistan (SBP) and all offices of SBP banking services corporation, including the Public Debt offices, will remain closed on Monday (July 2), which will be observed as bank holiday to enable bank to close their accounts.
Published 30 Jun, 2007 12:00am
Russian grain exports remain strong

Russian grain exports remain strong

Russia's grain shipments fell to 0.76 million tonnes in May from 1.1 million tonnes in April, but they were well above the 0.43 million tonnes exported a year ago. SovEcon keeps its forecast for Russia's grain exports (including wheat flour in grain equiv
Published 30 Jun, 2007 12:00am
LSE seesaws

LSE seesaws

The share market painted a see-saw picture but remained firm on account of interest in JOVC, fertilisers, cements and partially in banks, which advanced, adding handsomely to their worth on the last trading day of the week.
Published 30 Jun, 2007 12:00am
Education and class in Pakistan: The growth of the private sector-I

Education and class in Pakistan: The growth of the private sector-I

The education system in Pakistan is languishing in an abysmal condition. In the absence of appropriate and consistent policy, the continued depreciation of facilities and erosion of public credibility in the state system many parents are opting out of the
Published 30 Jun, 2007 12:00am
LSE seesaws

LSE seesaws

The share market painted a see-saw picture but remained firm on account of interest in JOVC, fertilisers, cements and partially in banks, which advanced, adding handsomely to their worth on the last trading day of the week.
Published 30 Jun, 2007 12:00am
Mango export under new rules begins

Mango export under new rules begins

The mango export had formally started from May 20 under a new set of rules about packaging and weight variations. According to a Ministry of Commerce statutory revenue order (SRO), mangoes would now be exported in packages of standard weight of two, three
Published 30 Jun, 2007 12:00am
ISE index down 1.97 points

ISE index down 1.97 points

Mixed trend was observed on Friday at the Islamabad Stock Exchange where bulls and bears had a close fight under the lead of trend-setters amid decrease in index. ISE Ten Index showed a decrease of 1.97 points as the index moved from 2,717.97 to 2,716.00
Published 30 Jun, 2007 12:00am
KARACHI CHRONICLE: Panic among the privileged

KARACHI CHRONICLE: Panic among the privileged

Panic gripped the residents of Clifton and Defence Housing Authority when the Met Office announced a cyclone alert on Monday evening. An exodus followed as frightened people left their homes and moved away from the seaside.
Published 30 Jun, 2007 12:00am
ISE index down 1.97 points

ISE index down 1.97 points

Mixed trend was observed on Friday at the Islamabad Stock Exchange where bulls and bears had a close fight under the lead of trend-setters amid decrease in index. ISE Ten Index showed a decrease of 1.97 points as the index moved from 2,717.97 to 2,716.00
Published 30 Jun, 2007 12:00am
Salman Rushdie, a point to ponder

Salman Rushdie, a point to ponder

I believe that there is every reason to look at Salman Rushdie's knighthood as a deliberate attempt to convey Britain's contempt for all those who think that the sacrilegious literature should not be encouraged, let alone honoured. Salman Rushdi's The Sat
Published 30 Jun, 2007 12:00am
Calls for IMF to consider non-European to replace Rato

Calls for IMF to consider non-European to replace Rato

The surprise resignation of the head of the International Monetary Fund immediately prompted calls for the job search for his replacement to reach beyond Europe - which has provided all the IMF's leaders. The top IMF job has always gone to Europeans since
Published 30 Jun, 2007 12:00am
Sweet And Sour: Joinda Yabinda: personal experiences

Sweet And Sour: Joinda Yabinda: personal experiences

In two words a Persian proverb explains the philosophy of a successful life. The proverb is 'JOINDA YABINDA'. This can be translated into English also in two words. Seekers, find.
Published 30 Jun, 2007 12:00am
Air France deniest tie-up with Alitalia

Air France deniest tie-up with Alitalia

Air France KLM said again on Friday it was not considering a tie-up with Alitalia after a report that its board had discussed the loss-making airline, which the Italian government is struggling to sell. The report cited a source close to the board and sev
Published 30 Jun, 2007 12:00am
CAPITAL CULTURAL SCENE: Moonscapes and music and moppets

CAPITAL CULTURAL SCENE: Moonscapes and music and moppets

It was another summer night (June 24) in Saidpur village, in the backdrop of Margalla Hills, which was filled with light and sounds to celebrate the World Music day. The organisers seemed to be more focussed on pomp and show rather than the quality of mus
Published 30 Jun, 2007 12:00am
50 North Karachi units still without power

50 North Karachi units still without power

Around 50 industrial units are still closed in North Karachi Industrial Area as Karachi Electric Supply Corporation (KESC) has failed to fully restore power in the area even after eight days. Industrialists of the area said that out of 2,500 units that we
Published 30 Jun, 2007 12:00am
BOOK REVIEW: Understanding other religions

BOOK REVIEW: Understanding other religions

Much of religious hatred and acrimony among the followers of different faiths stem from a lack of knowledge of other religions. In order to create better understanding and mutual respect among the followers of different religions, especially Islam, Christ
Published 30 Jun, 2007 12:00am
50 North Karachi units still without power

50 North Karachi units still without power

Around 50 industrial units are still closed in North Karachi Industrial Area as Karachi Electric Supply Corporation (KESC) has failed to fully restore power in the area even after eight days. Industrialists of the area said that out of 2,500 units that we
Published 30 Jun, 2007 12:00am
A thoughtful poetic collection

A thoughtful poetic collection

Curiosity and eagerness in creative business lead a penman to reach new dimensions. British writer John Ruskin (1819-1900) writes in his book "The Two Path" published in 1859 that "Fine art is that in which the hand, the head, and the heart of man go toge
Published 30 Jun, 2007 12:00am
50 North Karachi units still without power

50 North Karachi units still without power

Around 50 industrial units are still closed in North Karachi Industrial Area as Karachi Electric Supply Corporation (KESC) has failed to fully restore power in the area even after eight days. Industrialists of the area said that out of 2,500 units that we
Published 30 Jun, 2007 12:00am
Kathak dancer Adnan Jehangir performs in Italy

Kathak dancer Adnan Jehangir performs in Italy

The art of dance, in the words of poet Josh Malihabadi, is the poetry of the limbs of human body. Dance is a mode of communicating human emotions and feelings by rhythmic movement of the body. It is, however, considered by many Pakistanis a Hindu dissipat
Published 30 Jun, 2007 12:00am
Duty, sales tax relief on machinery notified

Duty, sales tax relief on machinery notified

The Central Board of Revenue (CBR) has exempted from customs duty and sales tax the import of 7-10 different types of plant, machinery and equipment of cutlery industry. The Board on Friday issued SRO 654(I)/2007 allowing exemption of customs duty and sal
Published 30 Jun, 2007 12:00am
Path to happiness

Path to happiness

"Happiness is a perfume you cannot pour on others without getting a few drops on yourself." Ralph Walda Emerson. Some of the beautiful things in the world cannot be seen or touched, but can only be felt by the heart. Happiness is a feeling that cannot be
Published 30 Jun, 2007 12:00am
Duty, sales tax relief on machinery notified

Duty, sales tax relief on machinery notified

The Central Board of Revenue (CBR) has exempted from customs duty and sales tax the import of 7-10 different types of plant, machinery and equipment of cutlery industry. The Board on Friday issued SRO 654(I)/2007 allowing exemption of customs duty and sal
Published 30 Jun, 2007 12:00am
LAHORE CULTURAL DIARY: International music day passed almost unsung

LAHORE CULTURAL DIARY: International music day passed almost unsung

Three exhibitions; two music concerts; a couple of workshops in puppet making and "How to advise entrepreneurs about strategy" were the major cultural highlights of the week under review. The International Music Day, which was celebrated the world over on
Published 30 Jun, 2007 12:00am
Duty, sales tax relief on machinery notified

Duty, sales tax relief on machinery notified

The Central Board of Revenue (CBR) has exempted from customs duty and sales tax the import of 7-10 different types of plant, machinery and equipment of cutlery industry. The Board on Friday issued SRO 654(I)/2007 allowing exemption of customs duty and sal
Published 30 Jun, 2007 12:00am
Rains at last?

Rains at last?

Strangely ominous weather crept into cardboard city (Karachi) last week. On Saturday, gusty breezes chivvied in dark angry clouds drenching the city with blinding sheets of rain. Life ground to a halt, cars stopped mid-street, as the drivers could no long
Published 30 Jun, 2007 12:00am
Duty, sales tax relief on machinery notified

Duty, sales tax relief on machinery notified

The Central Board of Revenue (CBR) has exempted from customs duty and sales tax the import of 7-10 different types of plant, machinery and equipment of cutlery industry. The Board on Friday issued SRO 654(I)/2007 allowing exemption of customs duty and sal
Published 30 Jun, 2007 12:00am
Rain-hit areas: CEC directs enrolment of eligible voters

Rain-hit areas: CEC directs enrolment of eligible voters

Chief Election Commissioner, Justice Qazi Muhammad Farooq (Retd) has decided to make special arrangements, during the third phase, for enrolment of eligible voters in rain hit areas, who possess NIC or CNIC.
Published 30 Jun, 2007 12:00am
BRIDGE NOTES: Dr Mohammad Ilyas- a symbol of perfection

BRIDGE NOTES: Dr Mohammad Ilyas- a symbol of perfection

Dr Mohammad Ilyas, a bridge luminary who dominated the scene of bridge in Pakistan soon after his return to the country with new ideas and bridge material. He started conducting a weekly session at Bangalore Club, to pursue his long cherished desire to im
Published 30 Jun, 2007 12:00am
River Tavi in fury: thousands of people stranded near Sialkot

River Tavi in fury: thousands of people stranded near Sialkot

Thousands of people mostly Sialkot's workforce on Friday were completely stranded along the banks of River Tavi, near Sialkot, as private and official boatmen did not operate due to the fury of rising water. Small dingy-boats are the only mode of communic
Published 30 Jun, 2007 12:00am
Three breaches play havoc on crops

Three breaches play havoc on crops

Flood from Balochistan has caused 20-25 feet wide breaches in Flood Protective Bund at three different points, 20 kilometres from here. Breaches at RD-170, 180 and 184 have inundated several villages including Katchi Pul, Illahi Bukhs Khoso, Mir Jan Moham
Published 30 Jun, 2007 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 30 Jun, 2007 12:00am
Lal Masjid Imam warns of Jihad if government launches operation

Lal Masjid Imam warns of Jihad if government launches operation

Lal Masjid Khateeb Maulana Abdul Aziz warned that he would declare Jihad if the government launched operation against Lal Masjid and Jamia Hafsa. Addressing Friday congregation at the Masjid, he asked the people to be prepared for Jihad as well as suicide
Published 30 Jun, 2007 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 30 Jun, 2007 12:00am
CBR apprised of adverse impact of changes in budget

CBR apprised of adverse impact of changes in budget

A Federation of Pakistan Chambers of Commerce and Industry (FPCCI) delegation held a meeting with Central Board of Revenue (CBR) chairman Abdullah Yusuf to apprise him of negative impact of the changes made in the budget in tax system. The delegation incl
Published 30 Jun, 2007 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 Friday (June 29, 2007).

Published 30 Jun, 2007 12:00am
CBR apprised of adverse impact of changes in budget

CBR apprised of adverse impact of changes in budget

A Federation of Pakistan Chambers of Commerce and Industry (FPCCI) delegation held a meeting with Central Board of Revenue (CBR) chairman Abdullah Yusuf to apprise him of negative impact of the changes made in the budget in tax system. The delegation incl
Published 30 Jun, 2007 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 Friday (June 29, 2007).

Published 30 Jun, 2007 12:00am
CBR apprised of adverse impact of changes in budget

CBR apprised of adverse impact of changes in budget

A Federation of Pakistan Chambers of Commerce and Industry (FPCCI) delegation held a meeting with Central Board of Revenue (CBR) chairman Abdullah Yusuf to apprise him of negative impact of the changes made in the budget in tax system. The delegation incl
Published 30 Jun, 2007 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 Friday (June 29, 2007).

Published 30 Jun, 2007 12:00am
CBR hailed for accepting KCCI recommendations

CBR hailed for accepting KCCI recommendations

Senior Vice President of Karachi Chamber of Commerce and Industry (KCCI) A. Abdullah Zaki has appreciated Central Board of Revenue (CBR) Chairman Abdullah Yousuf for accepting most of the recommendations made by KCCI anomalies committee.
Published 30 Jun, 2007 12:00am
Power turbines: FPCCI invites Russian manufacturers

Power turbines: FPCCI invites Russian manufacturers

President of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Tanvir Ahmed Sheikh has invited Russian power turbine manufacturers to enter into agreement with Pakistan's private sector for immediate supply of the equipment.
Published 30 Jun, 2007 12:00am
LCCI and SNGPL form dispute resolution body

LCCI and SNGPL form dispute resolution body

The Lahore Chamber of Commerce and Industry (LCCI) and Sui Northern Gas Pipelines (SNGPL) Friday constituted Dispute Resolution Committee for 'out of court' settlement of cases between them. The decision was taken at a meeting held between Chairman LCCI S
Published 30 Jun, 2007 12:00am
Militants destroy 13 oil tankers

Militants destroy 13 oil tankers

Pro-Taliban militants in Landikotal blew up 13 oil tankers supplying fuel for international troops in Afghanistan, officials said on Friday. The explosion on Thursday night targeted tankers parked in Landikotal, the main town of Khyber tribal district, 35
Published 30 Jun, 2007 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 Friday (June 29, 2007).

Published 30 Jun, 2007 12:00am
Militants destroy 13 oil tankers

Militants destroy 13 oil tankers

Pro-Taliban militants in Landikotal blew up 13 oil tankers supplying fuel for international troops in Afghanistan, officials said on Friday. The explosion on Thursday night targeted tankers parked in Landikotal, the main town of Khyber tribal district, 35
Published 30 Jun, 2007 12:00am
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