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Archive - 2007-07-03
Memon would grab PPIB managing director post

Memon would grab PPIB managing director post

Yousaf Memon, Additional Secretary, Ministry of Water and Power, will take additional charge of Managing Director, Private Power Infrastructure Board (PPIB), in the second week of July, it is learnt reliably. The incumbent Managing Director, Khalid Irfan
Published 03 Jul, 2007 12:00am
THE RUPEE: dollar sheds five paisa in open market

THE RUPEE: dollar sheds five paisa in open market

The first session of the new fiscal year 2007-08 commenced on a bullish note, gaining five paisa against dollar in the open market on Monday at Rs 60.85 and Rs 60.95, respectively. The rupee will show its strength against dollar in the near future due to
Published 03 Jul, 2007 12:00am
THE RUPEE: dollar sheds five paisa in open market

THE RUPEE: dollar sheds five paisa in open market

The first session of the new fiscal year 2007-08 commenced on a bullish note, gaining five paisa against dollar in the open market on Monday at Rs 60.85 and Rs 60.95, respectively. The rupee will show its strength against dollar in the near future due to
Published 03 Jul, 2007 12:00am
Local government empowers people, says Shankar

Local government empowers people, says Shankar

Indian Union Panchayati Raj Minister Mani Shankar Aiyar has said that they have come to Pakistan with the objective of strengthening the people to people contacts between India and Pakistan, which he believed would help in the Indo-Pak diplomatic efforts
Published 03 Jul, 2007 12:00am
Shipping Intelligence

Shipping Intelligence

Karachi Shipping Intelligence report incorporating changes till 7 am on Monday (July 02, 2007).

Published 03 Jul, 2007 12:00am
'Press freedom to be ensured at all costs'

'Press freedom to be ensured at all costs'

The provincial heads of all the major political parties of NWFP have agreed upon freedom of press saying that collective efforts on the part of civil society, mediamen and other organisations were needed to foil any attempt that aimed at restricting the f
Published 03 Jul, 2007 12:00am
Shipping Intelligence

Shipping Intelligence

Karachi Shipping Intelligence report incorporating changes till 7 am on Monday (July 02, 2007).

Published 03 Jul, 2007 12:00am
Pakistan hands over 51 prisoners to India

Pakistan hands over 51 prisoners to India

Pakistan authorities handed 51 Indian nationals over to the Indian authorities here on Monday afternoon at the Wagah border. Out of the 51 Indian nationals, 50 were released from Karachi Jail on Sunday and one from Lahore.
Published 03 Jul, 2007 12:00am
Passco stops wheat procurement

Passco stops wheat procurement

Pakistan Agricultural Storage and Services Corporation Ltd (Passco) officially stopped wheat procurement campaign for crop 2007 on June 30. It successfully procured 1.269 million tonnes of wheat, which is 97.60 percent of the target of 1.3 million tonnes.
Published 03 Jul, 2007 12:00am
State Bank statement of affairs

State Bank statement of affairs

The statement of affairs of the State Bank of Pakistan, Banking Department, as on 23rd June 2007.

Published 03 Jul, 2007 12:00am
SCBA not to participate in APC

SCBA not to participate in APC

Supreme Court Bar Association (SCBA) is not participating in APC scheduled on July 07 and 08 in London, as it had not received any invitation from Pakistan Muslim League-Nawaz (PML-N). While talking to newsmen, Secretary SCBA Zulfiqar Ali Bokhari said tha
Published 03 Jul, 2007 12:00am
State Bank statement of affairs

State Bank statement of affairs

The statement of affairs of the State Bank of Pakistan, Banking Department, as on 23rd June 2007.

Published 03 Jul, 2007 12:00am
Lawyers to continue token strike

Lawyers to continue token strike

The lawyers' community in the Punjab metropolis continued its protest here on Monday as they observed token strike against the suspension of Chief Justice Pakistan. The Lawyers Action Committee (LAC) had decided to observe token strike daily and a day str
Published 03 Jul, 2007 12:00am
Lawyers' struggle to continue: Kurd

Lawyers' struggle to continue: Kurd

Former Vice-Chairman Pakistan Bar Council and counsel of Chief Justice Pakistan Iftikhar Muhammad Chaudhry, Ali Ahmed Kurd has vowed that even after restoration of the chief justice, lawyers' struggle will continue till the removal of the present governme
Published 03 Jul, 2007 12:00am
Withholding tax on five items, transport service reduced

Withholding tax on five items, transport service reduced

The government has reduced withholding tax on transport services from 6 to 2 percent; WHT reduced to 2 percent on import of energy saver lamps; bitumen; fixed wireless terminal and pesticides.
Published 03 Jul, 2007 12:00am
Karachi tea rates

Karachi tea rates

Tea rates in rupees prevailing on the commodity markets in Karachi on Monday (July 02, 2007).

Published 03 Jul, 2007 12:00am
Cuban Chamber and RCCI sign MoU

Cuban Chamber and RCCI sign MoU

The Cuban Chamber and Rawalpindi Chamber of Commerce and Industry have inked a Memorandum of Understanding (MoU) to enhancing trade and economic relations besides providing investors the chances to enter in joint ventures.
Published 03 Jul, 2007 12:00am
Milk powder rates

Milk powder rates

Milk Powder rates in rupees prevailing on the commodity markets in Karachi on Monday (July 02, 2007).

Published 03 Jul, 2007 12:00am
Substandard institutes cause of low quality education: Atta

Substandard institutes cause of low quality education: Atta

The mushroom growth of substandard private universities, negligible research facilities and the curricula, which had not been revised for the last 30 years, have deteriorated the education standard, said Dr Attaur Rahman, Chairman, Higher Education Commis
Published 03 Jul, 2007 12:00am
Raw rubber rates

Raw rubber rates

Raw Rubber rates in rupees prevailing on the commodity markets in Karachi on Monday (July 02, 2007).

Published 03 Jul, 2007 12:00am
Urbanisation in Pakistan increases by 35 percent: UNFPA

Urbanisation in Pakistan increases by 35 percent: UNFPA

Urbanisation has increased by 35 percent in Pakistan. More than half of the total urban population of the country lives in eight cities-Karachi, Lahore, Faisalabad, Rawalpindi, Multan, Hyderabad, Gujranwala and Peshawar.
Published 03 Jul, 2007 12:00am
Jute goods rates

Jute goods rates

Jute goods rates in rupees prevailing on the commodity markets in Karachi on Monday (July 02, 2007).

Published 03 Jul, 2007 12:00am
No special treatment to Shariah-compliant banking: CBR

No special treatment to Shariah-compliant banking: CBR

The government would not provide any special treatment to 'Shariah Compliant Banking' approved by the State Bank of Pakistan (SBP) for any reduction or addition to income and tax liability under the new banking schedule of Income Tax Ordinance, 2001.
Published 03 Jul, 2007 12:00am
2.5 percent tax cut on car purchase notified

2.5 percent tax cut on car purchase notified

The Federal Board of Revenue (FRB) has notified 2.5 percent reduced rate of withholding tax on the local purchase of cars. The board issued SRO.661(I)/2007 on Monday reducing the levy.
Published 03 Jul, 2007 12:00am
Rates of dry fruit

Rates of dry fruit

Rates of dry fruit in rupees prevailing on the commodity markets in Karachi on Monday (July 02, 2007).

Published 03 Jul, 2007 12:00am
2.5 percent tax cut on car purchase notified

2.5 percent tax cut on car purchase notified

The Federal Board of Revenue (FRB) has notified 2.5 percent reduced rate of withholding tax on the local purchase of cars. The board issued SRO.661(I)/2007 on Monday reducing the levy.
Published 03 Jul, 2007 12:00am
Government yet to fix support price for next paddy crop

Government yet to fix support price for next paddy crop

Despite start of fresh rice plantation season the government seems in no hurry to fix the support price for the next paddy crop, sources told Business Recorder. Rice is a high value cash crop and is a major export item. It accounts for 5.7 percent
Published 03 Jul, 2007 12:00am
Grain market rates

Grain market rates

Karachi grain market rates in rupees on Monday (July 02, 2007).

Published 03 Jul, 2007 12:00am
Gas supply to Quetta not restored yet

Gas supply to Quetta not restored yet

Gas supply to Quetta and other towns of Balochistan could not be restored as high flood in Bolan river prevented SSGC staff to start repairing of the damaged gas pipeline, Senior General Manager SSGC Azeem Siddiqui told APP on telephone, on Monday.
Published 03 Jul, 2007 12:00am
PAC calls for policy on donor-driven projects

PAC calls for policy on donor-driven projects

Public Accounts Committee (PAC) on Monday directed the government to formulate a comprehensive policy regarding execution of donor-driven projects. The directive came from PAC Chairman Malik Allah Yar Khan while taking up the audit paras of communication
Published 03 Jul, 2007 12:00am
Hides and skin rates

Hides and skin rates

Hides and skin rates in rupees prevailing on the commodity markets in Karachi on Monday (July 02, 2007).

Published 03 Jul, 2007 12:00am
'Pakistan needs to adopt worldwide changes in medical curriculum'

'Pakistan needs to adopt worldwide changes in medical curriculum'

The trend in medical education all over the world is changing from progressive to integrated type of curriculum teaching, therefore, it is imperative for Pakistani medical schools to devise medical courses which boost students' enthusiasm for medicine and
Published 03 Jul, 2007 12:00am
HEC serves as an engine of development: Dr Sohail

HEC serves as an engine of development: Dr Sohail

Higher Education Commission's (HEC) Executive Director Dr Sohail H Naqvi has said that the HEC facilitates institutions of higher learning to serve as an engine of socio-economic development in the country.
Published 03 Jul, 2007 12:00am
Lahore Grain Market Rates

Lahore Grain Market Rates

Grain and other commodity rates in rupees on Akbari Mandi on Monday (July 02, 2007).

Published 03 Jul, 2007 12:00am
MBA results

MBA results

The Controller of Examinations, University of Sindh has announced the result of semester examination 2005 & 2006 of candidates of Institute of Business Administration (IBA) under evening programme here on Monday.
Published 03 Jul, 2007 12:00am
Export-oriented publishers and printers cities to be set up

Export-oriented publishers and printers cities to be set up

Trade Development Authority of Pakistan (TDAP) and National Book Foundation (NBF) have signed a Memorandum of Understanding (MoU) to develop two 'Publishers & Printers Cities' in the country. The proposed cities would be established in Peshawar and Karach
Published 03 Jul, 2007 12:00am
Anti-measles campaign to proceed despite monsoon floods

Anti-measles campaign to proceed despite monsoon floods

A major effort in Pakistan to immunise 63 million children against measles will proceed as planned despite heavy rains and flooding in the country which took lives of a number of people and affected hundreds of thousands, a spokeswoman for the UN Children
Published 03 Jul, 2007 12:00am
USAID to provide $30 million for health sector

USAID to provide $30 million for health sector

Mission Director of United States Agency for International Development (USAID) Ms Anne Aarnes on Monday said that USAID would provide 30 million dollars to Pakistan this year for support in health sector.
Published 03 Jul, 2007 12:00am
Health experts warn of outbreak infectious diseases

Health experts warn of outbreak infectious diseases

Health experts have warned of the onset of the serious infectious diseases especially dengue, hepatitis A and E and gastro-enteritis if the stagnant rainwater from the streets and road were not flushed out within next few days.
Published 03 Jul, 2007 12:00am
PSO inks MoU with Kapco Complex

PSO inks MoU with Kapco Complex

Pakistan State Oil (PSO) Monday signed Memorandum of Understanding (MoU) for fuel supply with Kot Addu Power Company for planed 400-500 MW expansion project of its Kapco Complex.
Published 03 Jul, 2007 12:00am
Poultry rates

Poultry rates

Wholesale poultry rates on Monday (July 02, 2007) and for Tuesday (July 03, 2007).
Published 03 Jul, 2007 12:00am
KPT workers awarded Rs 240 million package

KPT workers awarded Rs 240 million package

The Federal Minister for Ports and Shipping, Babar Khan Ghauri on Monday inaugurated computer balloting of 250 acres Karachi Port Trust (KPT) employees housing scheme in Hawkes Bay area.
Published 03 Jul, 2007 12:00am
Cotton Spot Rates

Cotton Spot Rates

Official KCA spot rates for local dealings in Pakistan rupees on Monday (July 02, 2007).

Published 03 Jul, 2007 12:00am
Flood-hit areas to be declared calamity hit, says Arbab

Flood-hit areas to be declared calamity hit, says Arbab

Sindh Chief Minister Dr Arbab Ghulam Rahim has said that the flood/rain-affected areas will be declared as calamity-hit areas. "In am conducting personal visits to assess the losses and damages caused by torrential rains and flood in Kamber-Shahdadkot dis
Published 03 Jul, 2007 12:00am
Key stock and currency market movements

Key stock and currency market movements

The latest close of key indices on major world stock exchanges and the London closing values of the euro, the Japanese yen, the British pound and gold bullion (previous day's closes in brackets).

Published 03 Jul, 2007 12:00am
AKU health sciences research symposium from October 24

AKU health sciences research symposium from October 24

A national Health Sciences Research Symposium with the theme "Injury in the developing world from prevention to care" is being organised by Aga Khan University in Karachi (AKU). The event is scheduled for October 24 and 25, and will also feature pre- and
Published 03 Jul, 2007 12:00am
The Weather

The Weather

The weather report on Monday (July 02, 2007) and the forecast for Tuesday (July 03, 2007).
Published 03 Jul, 2007 12:00am
Gang busted

Gang busted

Ferozabad police station arrested a well-organised gang of 6 criminals, which is part of an extensive network behind the kidnapping of courier staff for snatching and misuse of credit cards. Giving further details, the police spokesman said that on the di
Published 03 Jul, 2007 12:00am
Muzaffar Shah acquitted

Muzaffar Shah acquitted

The Accountability Court-I Judge Syed Aale Maqbool Rizvi on Monday acquitted former Sindh chief minister and PA Speaker Syed Muzaffar Hussain Shah in a reference filed by the National Accountability Bureau (NAB) for his alleged involvement in the illegal
Published 03 Jul, 2007 12:00am
Inexpensive energy: KCCI bemoans lukewarm response

Inexpensive energy: KCCI bemoans lukewarm response

The Karachi Chamber of Commerce and Industry has expressed sorrows over the lost opportunity or lukewarm government's response to learn lessons from Thailand's experience in the field of boi-gas energy development.
Published 03 Jul, 2007 12:00am
Bank Alfalah ratings maintained

Bank Alfalah ratings maintained

The Pakistan Credit Rating Agency (Pacra) has maintained the long-term and short-term entity ratings of Bank Alfalah Limited (BAL) at "AA" (Double A) and "A1+" (A one plus) respectively. The rating for each of the three subordinated TFCs has been maintain
Published 03 Jul, 2007 12:00am
Bank Alfalah ratings maintained

Bank Alfalah ratings maintained

The Pakistan Credit Rating Agency (Pacra) has maintained the long-term and short-term entity ratings of Bank Alfalah Limited (BAL) at "AA" (Double A) and "A1+" (A one plus) respectively. The rating for each of the three subordinated TFCs has been maintain
Published 03 Jul, 2007 12:00am
Mekran Coastal Highway: minister sees serious flaws in design

Mekran Coastal Highway: minister sees serious flaws in design

Some serious flaws in designing have been noticed at some of the locations of Mekran Coastal Highway (MCH) after it was washed away by rains and floods at various points. Flaws in its designing at some locations have surfaced as no study or data was avail
Published 03 Jul, 2007 12:00am
CDGK to send over Rs 5.66 million relief goods to Balochistan

CDGK to send over Rs 5.66 million relief goods to Balochistan

The City District Government Karachi (CDGK) would soon dispatch relief goods worth over Rs 5.6678 million for the victims in Balochistan. Sources in the city government told Business Recorder here on Monday that relief goods were likely to be dispa
Published 03 Jul, 2007 12:00am
Traders fear fruit, vegetable price escalation

Traders fear fruit, vegetable price escalation

The vegetable and fruit prices are likely to shoot up as traders in Sabzi Mandi on Monday stopped trading activities protesting murder of a young man. Haji Shahjahan, President Falhi Anjuman Wholesale Vegetable Market (FAWVM) told Business Recorder </i
Published 03 Jul, 2007 12:00am
No question of assemblies' dissolution: Afgan

No question of assemblies' dissolution: Afgan

Minister for Parliamentary Affairs Dr Sher Afgan Niazi on Monday said there was no possibility of premature dissolution of the assemblies. Talking to APP, he said, given the present emergency like situation in the country due to rains and floods, it will
Published 03 Jul, 2007 12:00am
APC reflects opposition's lack of interest in people's affairs: Bosan

APC reflects opposition's lack of interest in people's affairs: Bosan

Federal Minister for Food, Agriculture and Livestock. Sikandar Hayat Bosan, said here on Monday that opposition leaders' willingness to participate in the London all parties conference (APC), ignoring the prevailing situation in the country proved that th
Published 03 Jul, 2007 12:00am
Cabinet meeting

Cabinet meeting

Prime Minister Shaukat Aziz has summoned a special Cabinet meeting here, on Wednesday. Flood situation in the country, relief work and security situation in tribal areas top the agenda of the meeting, it is reliably learnt.
Published 03 Jul, 2007 12:00am
Cabinet meeting

Cabinet meeting

Prime Minister Shaukat Aziz has summoned a special Cabinet meeting here, on Wednesday. Flood situation in the country, relief work and security situation in tribal areas top the agenda of the meeting, it is reliably learnt.
Published 03 Jul, 2007 12:00am
656 skill centers to be set up in AJK

656 skill centers to be set up in AJK

AJK Premier Sardar Attique Ahmed Khan has said that some 656 skilled training centers would be established in the liberated territory and in this connection, all high schools premises would be utilised in the evening shift.
Published 03 Jul, 2007 12:00am
Senate body for quality textbooks at affordable prices

Senate body for quality textbooks at affordable prices

The Senate Standing Committee on Education on Monday directed the education ministry to ensure the quality of contents of the textbooks and also make sure that these are available to the students at affordable prices.
Published 03 Jul, 2007 12:00am
PCGA member approaches NAB

PCGA member approaches NAB

A member of Pakistan Cotton Ginners Association (PCGA) from Okara, Shahid Farooq Puri has approached National Accountability Bureau (NAB) against the body for violating the rules and regulations, misappropriation of funds and membership was being denied t
Published 03 Jul, 2007 12:00am
Newsman death condoled

Newsman death condoled

Punjab Ministers, Syed Saeed-ul-Hassan and Ashfaq Ahmed have expressed sorrow over the demise of senior journalist, Agha Iftikhar. In their condolence messages here on Monday, they prayed for eternal peace for the departed soul, and strength to members of
Published 03 Jul, 2007 12:00am
PPP terms voters' list fraudulent

PPP terms voters' list fraudulent

Chairman of PPP Central Election Monitoring Cell Senator Muhammad Latif Khan Khosa has said the forthcoming elections cannot be held fairly on the basis of fraudulent electoral rolls which the election commission has put on display centres.
Published 03 Jul, 2007 12:00am
1,608 supervisors being appointed at RHCs

1,608 supervisors being appointed at RHCs

To ensure effective conduct of the Punjab Health Sector Reforms, 1,608 school, health and nutrition supervisors are being appointed to monitor school health and community health education at Rural Health Centres (RHCs).
Published 03 Jul, 2007 12:00am
IBRD to provide $79 million to increase Karachi port productivity

IBRD to provide $79 million to increase Karachi port productivity

International Bank for Reconstruction and Development will provide $79 million to increase productivity of the Karachi port by reducing Karachi Dock Labour Board-related labour costs; and to facilitate the re-entry of former KDLB registered workers and em
Published 03 Jul, 2007 12:00am
Development of southern Punjab high priority: chief minister

Development of southern Punjab high priority: chief minister

Punjab Chief Minister, Chaudhry Pervaiz Elahi has said that government is attaching top priority to the development of Southern Punjab and other backward areas and huge funds are being spent for this purpose.
Published 03 Jul, 2007 12:00am
'PCGA secretary unlawfully appointed'

'PCGA secretary unlawfully appointed'

Pakistan Cotton Ginners Association (PCGA) has appointed a former director agriculture Rab Nawaz Lak (65) as secretary of PCGA without any interview and surpassing the rules and regulations. A candidate told on phone that PCGA had invited applications fro
Published 03 Jul, 2007 12:00am
NDMA urges coordinated relief efforts in calamity-hit areas

NDMA urges coordinated relief efforts in calamity-hit areas

National Disaster Management Authority (NDMA) Chairman Lieutenant General Farooq Ahmed on Monday called upon the government departments, armed forces and the NGOs to co-ordinate efforts for effectively reaching out to people marooned by recent torrential
Published 03 Jul, 2007 12:00am
'Measures taken to cope with floods in Punjab'

'Measures taken to cope with floods in Punjab'

Appropriate measures had been taken to cope with the flood situation in the province, said Punjab Minister for Food Hussain Jahanian Gardezi on Monday. Talking to APP, he said that in view of the floods.
Published 03 Jul, 2007 12:00am
Lightning kills four women in Mansehra

Lightning kills four women in Mansehra

Four women died and five persons were wounded by lightning strikes at Kaladhaka area of the district here, a private TV channel reported here on Monday. Administrator Kaladhaka, Tasleem Khan told that the incident occurred at Sadokhan Basikhel area, when
Published 03 Jul, 2007 12:00am
APPLA threatens countrywide agitation

APPLA threatens countrywide agitation

All Pakistan Power Looms Association (APPLA) has threatened to launch a countrywide protest against the recent increase in the power tariff. They said that at least 25 percent concession be granted to power loom industry which is playing a vital role in t
Published 03 Jul, 2007 12:00am
Peace process depends on Indian attitude: JKLF chief

Peace process depends on Indian attitude: JKLF chief

Jammu Kashmir Liberation League (JKLL) President Abdul Majeed Malik said here on Monday that the fate of the ongoing peace process for the emergence of durable and everlasting regional peace depended upon the Indian attitude.
Published 03 Jul, 2007 12:00am
Japan pledges $3.5 million for election spadework

Japan pledges $3.5 million for election spadework

Japan on Monday pledged a $3.5 million grant to support preparations for the forthcoming general election in Pakistan. The pledge was made by Deputy Chief of Mission of the Japan Embassy in a meeting with the Election Commission of Pakistan (ECP) Secretar
Published 03 Jul, 2007 12:00am
CNIC copy date extended

CNIC copy date extended

The State Bank of Pakistan (SBP) has extended the date for submitting photo copy of computerised national identity card (CNIC) by account holders. A circular, No 19, from SBP Banking Policy & Regulation Department issued on Monday to Presidents/Chief Exec
Published 03 Jul, 2007 12:00am
Dilapidated building owners warned

Dilapidated building owners warned

The DCO Hyderabad, Aftab Ahmed Khatri, has warned the owners of the dilapidated/dangerous buildings in urban areas of the district to evaluate their buildings in advance to avoid any accident during the current rains.
Published 03 Jul, 2007 12:00am
CDGR takes steps to avoid flood catastrophe

CDGR takes steps to avoid flood catastrophe

City District Government Rawalpindi (CDGR) has imposed section 144 in Rawalpindi city in view of the danger of the flood in Nullah Lai, imposed complete ban on swimming in the Nullah besides put all institutions on high alert to meet any untoward situatio
Published 03 Jul, 2007 12:00am
CBR not yet ready to launch post-clearance audit

CBR not yet ready to launch post-clearance audit

The Central Board of Revenue (CBR) is not yet fully prepared to launch the 'Post-Clearance Audit' (PCA) as the project is being reviewed to remove bottlenecks before making its countrywide launch. CBR officials told Business Recorder on Monday that
Published 03 Jul, 2007 12:00am
FBR council takes up workers double pay appeal today

FBR council takes up workers double pay appeal today

Board-in-council of the Federal Board of Revenue (FBR) would take up the matter of appeal process for employees who were unable to get double pay package under the Internal Job Posting (IJP) process. The meeting chaired by FBR Chairman M. Abdullah Yusuf w
Published 03 Jul, 2007 12:00am
Gomal Zam Dam: kidnap victim Chinese firm to work again

Gomal Zam Dam: kidnap victim Chinese firm to work again

The Frontier Works Organisation (FWO-the main contractor of Gomal Zam Dam-has awarded subcontract to the Chinese company, that abandoned the work on the dam after kidnapping of two of its engineers and subsequently killing one of them, sources told Bus
Published 03 Jul, 2007 12:00am
Walled City rehabilitation project initiated

Walled City rehabilitation project initiated

Punjab Chief Minister, Chaudhry Pervaiz Elahi has said that government is implementing a comprehensive programme for the conservation and rehabilitation of national and cultural heritage and a massive project for the rehabilitation of the Walled City has
Published 03 Jul, 2007 12:00am
Rs 14.300 billion earmarked for road sector

Rs 14.300 billion earmarked for road sector

Punjab Minister for Communication and Works, Chaudhry Zaheer-ud-Din has said that Rs 14.300 billion have been earmarked during the current fiscal year for the road sector. The target for the construction of 600-km long new roads and widening of 700-km lon
Published 03 Jul, 2007 12:00am
Minfal invites PSMA team to discuss ongoing crisis

Minfal invites PSMA team to discuss ongoing crisis

Ministry of Food, Agriculture and Livestock (Minfal) has invited the representatives of Pakistan Sugar Mills Association (PSMA) to discuss ongoing crisis in the sugar industry.
Published 03 Jul, 2007 12:00am
People urged to get registered

People urged to get registered

There is a lack of trust between the people and the Chief Election Commissioner's office, which has caused resentment among the masses against the missing of 30 million names from the electoral rolls.
Published 03 Jul, 2007 12:00am
Time extension sought for displaying voter lists

Time extension sought for displaying voter lists

The Alliance for Protection of Human Rights (APHR), a group of civil society organisations, has urged the Election Commission of Pakistan to extend the period for display of draft-electoral rolls.
Published 03 Jul, 2007 12:00am
PML-N leader refutes Elahi's charges

PML-N leader refutes Elahi's charges

Commenting on Punjab Chief Minister Chaudhry Pervaiz Elahi's statement that Sharif brothers wanted to leave the country after their government was dismissed in October 1999, is nothing but an instance of "Gujrat group's" moral decay and a bundle of lies.
Published 03 Jul, 2007 12:00am
Epidemics spreading in coastal areas: PMS

Epidemics spreading in coastal areas: PMS

Cholera, typhoid, water-borne diseases and other epidemics are spreading in the coastal areas of Sindh and Balochistan owing to the heavy rains and two powerful cyclones.
Published 03 Jul, 2007 12:00am
Media workshop

Media workshop

A five-day media workshop on "Local News and Feature for Radio" started at the Institute of Communication Studies (ICS) of Punjab University here on Monday. The workshop, which is organised by ICS in collaboration with Deusche Walle Broadcasting Institute
Published 03 Jul, 2007 12:00am
LHC issues notices

LHC issues notices

The Lahore High Court issued notices to respondents interior ministry and others in a petition filed by former provincial minister and PPP leader Malik Mushtaq Awan praying to the court to allow him to go abroad. The petitioner contended that he is facing
Published 03 Jul, 2007 12:00am
Punjab gives high priority to health and education: minister

Punjab gives high priority to health and education: minister

Punjab government has given highest priority to health and education; the provincial health budget has been enhanced by 50 percent and additional resources have been provided to accelerate the efforts for prompt achievement of Millennium Development Goals
Published 03 Jul, 2007 12:00am
Eye-screening facility

Eye-screening facility

The International Association of Lions Clubs (Pakistan Chapter) is planning to provide eye-screening facility through mobile service to needy patients from this year.
Published 03 Jul, 2007 12:00am
Surge in the stock market

Surge in the stock market

The fiscal year (2006-07) just ended has witnessed an unprecedented surge in the capital market of Pakistan. The Karachi Stock Exchange, one of the most active share markets in the region, posted a growth of 38 percent during the year ended June 30, 2007,
Published 03 Jul, 2007 12:00am
Media the mirror

Media the mirror

Frank, unvarnished talk is very much characteristic of President Pervez Musharraf. The other day at the National Defence University, he poured out his heart before media persons by unfolding his perception about their recent role in covering the Nawab Akb
Published 03 Jul, 2007 12:00am
Asian workers race against clock to avoid prison

Asian workers race against clock to avoid prison

Hundreds of thousands of Asians, often working in pitiless heat and now facing the threat of prison, are racing against time to "get legal" -- find work permits or leave the United Arab Emirates within a three-month government deadline.
Published 03 Jul, 2007 12:00am
What really caused the separation of East Pakistan

What really caused the separation of East Pakistan

Dishonest politicians, like lawyers, never present the whole view of a situation. They highlight only what suits them. They will never mention any fact that goes against them. Include also biased historians among them.
Published 03 Jul, 2007 12:00am
Sialkot airport to be operational from next week

Sialkot airport to be operational from next week

Sialkot International Airport will be operational in second week of current month and initially cargo and domestic flights would be operated. Airport sources told Business Recorder here on Sunday that this mega project costing Rs 2 billion had a gr
Published 03 Jul, 2007 12:00am
European gold climbs

European gold climbs

Security concerns and a sharp drop in the dollar helped gold hit its highest level in nearly two weeks on Monday, but investors were expected to trade cautiously ahead of the US Independence Day holiday.
Published 03 Jul, 2007 12:00am
Oil climbs to 10-month high

Oil climbs to 10-month high

Oil prices rose to 10-month highs above $72 on Monday on expectations that recovering refinery operations in the United States and ongoing supply restrictions will cut into global oil inventories.
Published 03 Jul, 2007 12:00am
Copper sees new seven-week high

Copper sees new seven-week high

Copper prices rose to fresh seven-week highs on Monday as a weaker dollar, threats to supply and falling stocks boosted confidence. Lead hit a new all-time record as fund buying persistently pushed the metal higher, rising over 70 percent this year.
Published 03 Jul, 2007 12:00am
New York cotton futures mixed

New York cotton futures mixed

Cotton futures settled mixed Monday as the market seemed to be taking a breather after a sizzling rally sparked by a government plantings report last week, analysts said. The New York Board of Trade's key December cotton contract added 0.10 cent to close
Published 03 Jul, 2007 12:00am
UK's top shares index slips

UK's top shares index slips

Britain's FTSE 100 index ended down 0.26 percent on Monday, as a looming interest-rate decision and public security concerns dented sentiment, but mining stocks rose as bid talk lifted Lonmin. Travel and leisure stocks suffered after British police hunted
Published 03 Jul, 2007 12:00am
Corporate credit tone remains poor

Corporate credit tone remains poor

The tone in the European corporate credit market remained weak early on Monday as equity markets started the week in the red and concerns continued over fallout from the troubled US subprime mortgage market.
Published 03 Jul, 2007 12:00am
Corporate credit tone remains poor

Corporate credit tone remains poor

The tone in the European corporate credit market remained weak early on Monday as equity markets started the week in the red and concerns continued over fallout from the troubled US subprime mortgage market.
Published 03 Jul, 2007 12:00am
Dollar falls broadly

Dollar falls broadly

The dollar fell broadly and the yen and Swiss franc rallied on Monday as concerns about US housing market woes spilling into the wider economy dented risk appetite and led investors to buy low yielding currencies.
Published 03 Jul, 2007 12:00am
Sterling eyes 26-year peak

Sterling eyes 26-year peak

Sterling homed in on April's 26-year highs versus the broadly weakening dollar on Monday, moving above $2.01 with investors bolstered by prospects that the Bank of England will raise interest rates this week.
Published 03 Jul, 2007 12:00am
Indian rupee rises

Indian rupee rises

The Indian rupee closed at its highest level in a month on Monday, as exporters, including large software companies, repatriated profits, though gains were capped by an oil refiner that bought dollars through the day. The rupee ended at 40.65/66 per dolla
Published 03 Jul, 2007 12:00am
US accuses Iran leadership over Iraq violence

US accuses Iran leadership over Iraq violence

In some of its most direct accusations against Iran yet, the US military said on Monday senior leaders in Tehran know about operations in which Iran's Qods Force foments violence in Iraq. Military spokesman Brigadier-General Kevin Bergner said the Qods Fo
Published 03 Jul, 2007 12:00am
Son of Chad's President found dead

Son of Chad's President found dead

Chadian President Idriss Deby's son Brahim, touted as a possible successor, was found dead near his home outside Paris on Monday and police launched a murder investigation, French police and court officials said.
Published 03 Jul, 2007 12:00am
Mass protests, clashes in Chinese city

Mass protests, clashes in Chinese city

Clashes with riot police broke out in south-western China last week after thousands of protesters besieged a government office, a human rights centre and a witness said on Monday.
Published 03 Jul, 2007 12:00am
Global conference on Afghanistan opens in Rome

Global conference on Afghanistan opens in Rome

A two-day global meet on the state of law in war-battered Afghanistan opened in Rome on Monday and due to be addressed by Afghan President Hamid Karzai, UN chief Ban Ki-moon and Nato head Jaap De Hoop Scheffer.
Published 03 Jul, 2007 12:00am
Solana suggests Iran behind Gaza and Lebanon attacks

Solana suggests Iran behind Gaza and Lebanon attacks

The European Union foreign policy chief suggested on Monday that Iran could be linked to the Hamas military take-over of Gaza, recent attacks on the Lebanese army, and on European peacekeepers in Lebanon.
Published 03 Jul, 2007 12:00am
Storms sweep central China: 24 die

Storms sweep central China: 24 die

Landslides and floods have killed 24 people in Hubei Province in central China over the past few days, with six still missing in areas battered by storms last month, state media said on Monday.
Published 03 Jul, 2007 12:00am
Russia charges Berezovsky with coup plot

Russia charges Berezovsky with coup plot

Russian prosecutors have charged emigre tycoon Boris Berezovsky on suspicion of plotting to seize power, his lawyer said on Monday. The multi-millionaire, who lives in Britain where he has been granted refugee status, said he was confident Britain would n
Published 03 Jul, 2007 12:00am
Five US troops killed in Iraq

Five US troops killed in Iraq

Four US soldiers and one Marine were killed in various attacks in Iraq on Sunday, the US military said on Monday. It said two soldiers and one Marine were killed in western Anbar province. The military also said one soldier was killed by small arms fire i
Published 03 Jul, 2007 12:00am
Jail sentences for Israeli Vanunu

Jail sentences for Israeli Vanunu

An Israeli court on Monday sentenced Mordechai Vanunu, who in 2004 completed an 18-year prison term for spilling nuclear secrets, to six more months behind bars after he violated a ban on speaking to foreigners.
Published 03 Jul, 2007 12:00am
Bush-Putin 'lobster summit' turns to diplomacy

Bush-Putin 'lobster summit' turns to diplomacy

US President George W. Bush and Russian President Vladimir Putin held ocean side talks on Monday to try to ease tensions that have taken their countries' relations to a post-Cold War low.
Published 03 Jul, 2007 12:00am
Putin wants Europe part of missile shield plan

Putin wants Europe part of missile shield plan

Russian President Vladimir Putin said on Monday he proposed during a meeting with US President George W. Bush expanding cooperation on a missile shield to include Europe and Nato. "We support the idea of consultations on missile defence and believe that t
Published 03 Jul, 2007 12:00am
Fresh arrests over British bomb plot: seven held

Fresh arrests over British bomb plot: seven held

Police arrested two more suspects in a widening hunt for members of a suspected al Qaeda cell which rammed a fuel-packed jeep into a Scottish airport and left two car bombs in London, police said on Monday. A total of seven people are now in custody in co
Published 03 Jul, 2007 12:00am
Palestinians to get first full wages in 17 months

Palestinians to get first full wages in 17 months

President Mahmoud Abbas's emergency government will pay all Palestinian Authority workers - excluding those who report directly to Hamas - their first full wages in 17 months, officials said on Monday. The payments will go to nearly 140,000 Palestinian Au
Published 03 Jul, 2007 12:00am
Smoking may kill one billion this century: WHO

Smoking may kill one billion this century: WHO

One billion people will die of tobacco-related diseases this century unless governments in rich and poor countries alike get serious about preventing smoking, top World Health Organisation (WHO) experts said on Monday.
Published 03 Jul, 2007 12:00am
Cyprus police find US diplomat dead

Cyprus police find US diplomat dead

The United States military attache in Cyprus was found dead on Monday, four days after he disappeared, the American embassy said. The body of Lieutenant Colonel Thomas Mooney, 45, was found near his parked car in a remote mountainous region north-west of
Published 03 Jul, 2007 12:00am
Japan Prime Minister rebukes minister as support ratings slide

Japan Prime Minister rebukes minister as support ratings slide

Prime Minister Shinzo Abe rebuked his defence minister on Monday for remarks that appeared to accept the 1945 US atomic bombings of two Japanese cities, as his poll rating slid below 30 percent just weeks before an upper house election.
Published 03 Jul, 2007 12:00am
Slain Turk Armenian writer's allies seek fair trial

Slain Turk Armenian writer's allies seek fair trial

About 1,000 protesters demanded justice on Monday outside a court where 18 suspects went on trial for the murder of ethnic Armenian editor Hrant Dink in a case that has raised doubts over free speech in Turkey.
Published 03 Jul, 2007 12:00am
India turns to Wiccan queen to save girl children

India turns to Wiccan queen to save girl children

India has enlisted the follower of a global pagan witchcraft movement to help curb the country's high female infanticide rate and end the neglect of the girl child, officials said on Monday.
Published 03 Jul, 2007 12:00am
Chad rebels warn of return to war if Libya talks fail

Chad rebels warn of return to war if Libya talks fail

Chadian rebels fighting a hit-and-run guerrilla war against President Idriss Deby said on Monday failure to clinch a deal at peace talks in Tripoli would mean a return to all-out hostilities.
Published 03 Jul, 2007 12:00am
Bollywood's 'serial kisser' says to kiss no more

Bollywood's 'serial kisser' says to kiss no more

There will be no more kissing scenes by Bollywood actor Emraan Hashmi famous for locking lips with almost all his female co-stars, earning him the popular tag of "serial kisser".
Published 03 Jul, 2007 12:00am
Court unable to rule on Pakistan doping cases

Court unable to rule on Pakistan doping cases

Pakistan fast bowlers Shoaib Akhtar and Mohammad Asif look set to escape any further doping sanctions after the Court of Arbitration for Sport (CAS) said it was unable to hear their case.
Published 03 Jul, 2007 12:00am
Pakistani officials 'vindicated'

Pakistani officials 'vindicated'

Pakistani cricket chiefs said Monday they had been vindicated after international sport's top court dismissed an appeal against reprieves for Shoaib Akhtar and Mohammad Asif in a doping case. "The ruling by the CAS obviously shows that the procedure adopt
Published 03 Jul, 2007 12:00am
Henin moves into Wimbledon quarters

Henin moves into Wimbledon quarters

Justine Henin marched into the Wimbledon quarter-finals on Monday with a straightforward 6-2 6-2 defeat of a lacklustre Patty Schnyder. The top-seeded Belgian, bidding for the one title she needs to complete a career grand slam, needed just 56 minutes to
Published 03 Jul, 2007 12:00am
Pele among players lining up for Mandela match

Pele among players lining up for Mandela match

Pele will be among a host of former and current international players turning out for an all-star charity match to honour Nelson Mandela in Cape Town this month. World soccer's governing body FIFA on Monday named the first batch of players taking part in
Published 03 Jul, 2007 12:00am
Robinho hat trick for Brazil, Mexico qualify

Robinho hat trick for Brazil, Mexico qualify

Robinho scored a hat-trick to give Brazil a badly-needed 3-0 Copa America win over Chile on Sunday, while Mexico reached the quarter-finals after beating Ecuador 2-1. Mexico's win, which started with another goal by striker Nery Castillo, made them the fi
Published 03 Jul, 2007 12:00am
Rain threatens India versus Pakistan match today

Rain threatens India versus Pakistan match today

Tuesday's one-of international between India and Pakistan is in danger of being washed out, says Cricket Scotland chief executive Roddy Smith. The arch-rivals were unable to train at the Glasgow ground on Monday because of a saturated outfield and intermi
Published 03 Jul, 2007 12:00am
Moscow-bound Pakistani hockey team leaves

Moscow-bound Pakistani hockey team leaves

Pakistan hockey team is leaving for Russia (Moscow) on Tuesday (July 3) to take part in 4-Nation Hockey tournament being played in Moscow from Thursday (July 5).
Published 03 Jul, 2007 12:00am
Thailand beat Qatar in Asian Cup warm-up

Thailand beat Qatar in Asian Cup warm-up

Hosts Thailand wrapped-up their preparations for this month's Asian Cup with a 2-0 victory over Qatar on Monday. The Thais got off to a good start when Tawan Sripan put them ahead after eight minutes before Sutee Suksomkit added a second with a 69th minut
Published 03 Jul, 2007 12:00am
Vietnam jails referees and officials

Vietnam jails referees and officials

A Vietnamese court has sentenced four soccer referees, three of them FIFA-accredited, to between four and seven years in jail for bribery and match-fixing. Vietnam has vowed to stamp out match-fixing in the country's most popular sport following a series
Published 03 Jul, 2007 12:00am
Yen stays weak

Yen stays weak

The yen stayed near a 4 1/2-year low against the dollar and an all-time trough versus the euro on Monday after a Bank of Japan business sentiment survey supported the view that Japanese interest rates will rise only gradually.
Published 03 Jul, 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 Monday for a second consecutive trading session, guided by the central bank's setting of a record high mid-point. The yuan ended at its intraday peak of 7.6047 to the dollar, its highest
Published 03 Jul, 2007 12:00am
Taiwan dollar falls

Taiwan dollar falls

The Taiwan dollar fell on Monday after hitting its highest in nearly six months, as importers, such as oil firms, and investment trusts bought US dollars, although central bank moves and foreign fund inflows limited the losses. The Taiwan dollar ended wea
Published 03 Jul, 2007 12:00am
Australian dollar below fresh 18-year high

Australian dollar below fresh 18-year high

The Australian dollar eased from a fresh 18-year high on Monday, briefly dipping below 85 US cents on modest profit-taking before regaining most lost ground on expectations of strong May retail sales data this week.
Published 03 Jul, 2007 12:00am
Swiss franc ticks up

Swiss franc ticks up

The Swiss franc edged higher against the euro and the dollar on Monday ahead of key industry and inflation data due this week which could add to speculation about more aggressive interest rate hikes in Switzerland.
Published 03 Jul, 2007 12:00am
New Zealand dollar advances to 22-year highs

New Zealand dollar advances to 22-year highs

The New Zealand dollar strengthened to 22-year post-float highs on Monday, lifted by steady buying by Japanese investors seeking high yielding currencies. The kiwi touched $0.7760, its highest level since it was floated in 1985, and traders said the risks
Published 03 Jul, 2007 12:00am
Asian currencies: Indonesian rupiah retreats

Asian currencies: Indonesian rupiah retreats

The Indonesian rupiah retreated from a one-week high against the dollar on Monday after annual consumer price inflation eased to its weakest in seven months and raised the chances of a 13th cut in policy rates this week.
Published 03 Jul, 2007 12:00am
South Korean won at 2007 high

South Korean won at 2007 high

The South Korean won on Monday hit its highest point against the dollar this year, helped by expectations of greater won demand from exporters such as shipbuilders, which kept winning big foreign orders. The won is expected to rise further as the country'
Published 03 Jul, 2007 12:00am
Egypt median interbank drops to 8.76 percent

Egypt median interbank drops to 8.76 percent

The median overnight interbank rate on Egypt's pound dropped to 8.76 percent on Monday from 8.791 percent on Thursday in a liquid market on the last day of a two-week reserve calculation period, dealers said. "The market is still very liquid because it's
Published 03 Jul, 2007 12:00am
Bangladesh interbank forex, interest rates

Bangladesh interbank forex, interest rates

Interbank buy/sell rates for the taka against the dollar on Monday. 68.75/68.82 (previous 68.80/68.80). Call Money Rates: 6.50-10.25 percent (previous 6.50-10.25 percent.
Published 03 Jul, 2007 12:00am
Nikkei edges up

Nikkei edges up

The Nikkei average edged up 0.04 percent to end at its highest in six sessions on Monday as commodities-related shares such as Mitsui & Co and Sumitomo Metal Mining Co on soaring oil prices. But department store chains Takashimaya Co and Mitsukoshi Ltd fe
Published 03 Jul, 2007 12:00am
Malaysian shares surge

Malaysian shares surge

Malaysian share prices closed 0.73 percent higher on Monday as gains in selected oil and gas and financial stocks extended the key index's advance amid a mixed trading session, dealers said. The Kuala Lumpur Composite Index closed up 9.99 points at 1,364.
Published 03 Jul, 2007 12:00am
Singapore shares close flat

Singapore shares close flat

Singapore share prices closed flat on Monday in subdued trading as profit-taking hit select blue chips and property stocks, dealers said. They said rotational interest in banks and small-caps provided some support to the index. The Straits Times Index (ST
Published 03 Jul, 2007 12:00am
Markets closed

Markets closed

Hong Kong financial markets were closed on Monday for a public holiday. Trading will resume on Tuesday.
Published 03 Jul, 2007 12:00am
Jakarta shares close at new all-time high

Jakarta shares close at new all-time high

Jakarta share prices closed 1.33 percent higher on Monday at a new all-time high, with sentiment boosted by the better-than-expected June consumer price index data (CPI), dealers said. The Jakarta Stock Exchange composite index closed up 28.542 points at
Published 03 Jul, 2007 12:00am
Philippines shares jump

Philippines shares jump

Philippines share prices closed 0.72 percent higher on Monday, extending gains to a third day, with the financials in focus on hopes for consolidation in the banking sector, dealers said. They said that with the market at near record highs, there was some
Published 03 Jul, 2007 12:00am
Australian shares sag

Australian shares sag

Australian share prices closed the first day of the new financial year 0.19 percent lower on Monday in quiet trade following a lacklustre lead from Wall Street, dealers said. They said stocks took their lead from Friday's minor retreat on Wall Street with
Published 03 Jul, 2007 12:00am
Seoul shares rise

Seoul shares rise

Seoul shares rose 1.6 percent on Monday, rebounding from slight initial losses, powered by a rally in brokerages and shipbuilders, which outweighed concerns over high oil prices and the stronger won. Brokers led by Samsung Securities advanced on continuin
Published 03 Jul, 2007 12:00am
Thai shares finish at three-year high

Thai shares finish at three-year high

Thai share prices closed 2.05 percent higher Monday to a three-year high, as new economic data gave investors a brighter outlook on Thailand's economy for the second half, dealers said. They said the completion of constitution drafting this week would hel
Published 03 Jul, 2007 12:00am
Indian shares hit record high

Indian shares hit record high

Indian share prices closed at a record high on Monday, in volatile trade as concerns of a hike in interest rates eased, dealers said. They said buying sentiment improved on the waning of global and local rate concerns, after the US Federal Reserve kept ke
Published 03 Jul, 2007 12:00am
Chinese shares make slight gains

Chinese shares make slight gains

Chinese stocks closed 0.41 percent higher on Monday, reversing an earlier fall as investors sought safe havens in large-cap stocks, but trade was volatile as worries lingered over a bond issue that could sap liquidity from the market.
Published 03 Jul, 2007 12:00am
Taiwan stocks rise

Taiwan stocks rise

Taiwan stocks rose 0.63 percent on Monday to a seven-year closing high, with banking shares leading the way after local reports that Morgan Stanley had applied to buy a stake in Chinatrust. The main TAIEX shares index was trapped in a tight range before e
Published 03 Jul, 2007 12:00am
Japanese government bonds slip

Japanese government bonds slip

Japanese government bonds dipped on Monday after a key survey of business sentiment did little to change expectations for an interest rate rise as early as August, and due to selling by dealers ahead of a 10-year bond auction.
Published 03 Jul, 2007 12:00am
Japanese government bonds slip

Japanese government bonds slip

Japanese government bonds dipped on Monday after a key survey of business sentiment did little to change expectations for an interest rate rise as early as August, and due to selling by dealers ahead of a 10-year bond auction.
Published 03 Jul, 2007 12:00am
South Korean bond prices drop

South Korean bond prices drop

South Korean government bond prices dipped on Monday, erasing earlier gains from a US debt rally as stronger consumer inflation figures and robust export figures reinforced bets on an interest rate hike.
Published 03 Jul, 2007 12:00am
South Korean bond prices drop

South Korean bond prices drop

South Korean government bond prices dipped on Monday, erasing earlier gains from a US debt rally as stronger consumer inflation figures and robust export figures reinforced bets on an interest rate hike.
Published 03 Jul, 2007 12:00am
Millions skip paying bills as rates rise

Millions skip paying bills as rates rise

More than seven million household bill payments have been missed in the past six months as interest rate increases hit home, new figures show. Some 1.23 million regular bill payments - for gas and electricity, mobile phone contracts and council tax - have
Published 03 Jul, 2007 12:00am
Air travel growth stable, freight picks up: IATA

Air travel growth stable, freight picks up: IATA

International air travel grew again in May, while air freight picked up sharply after several months of sluggish growth, the top airline association said Monday. Passenger travel rose by 5.5 percent year-on-year, compared with 5.4 percent a month earlier,
Published 03 Jul, 2007 12:00am
Saudi Arabia to give extra protection to oil fields

Saudi Arabia to give extra protection to oil fields

Saudi Arabia will set up special security units to protect oil and industrial facilities against militant attacks, the Interior Minister said in remarks published on Monday.
Published 03 Jul, 2007 12:00am
Asia marks crisis with confidence and ambition

Asia marks crisis with confidence and ambition

Asian countries put the humiliation of the 1997 financial crisis behind them on Monday, arguing they were in a better position to deal with the sort of meltdown that crippled the region a decade ago.
Published 03 Jul, 2007 12:00am
US factories hum in June; Germany drives Europe growth

US factories hum in June; Germany drives Europe growth

The US manufacturing sector picked up more than expected in June, overcoming a housing market slump, while strength in Germany drove European factory growth, according to data released on Monday.
Published 03 Jul, 2007 12:00am
Asian airlines to invest $1 trillion on planes: Boeing

Asian airlines to invest $1 trillion on planes: Boeing

Airlines in the Asia Pacific region will invest more than one trillion US dollars over the next 20 years to acquire thousands of new aircraft to meet growing traffic demand, aircraft maker Boeing said Monday. The region will need a total of 8,350 new plan
Published 03 Jul, 2007 12:00am
McDonald's to recycle cooking oil for fuel

McDonald's to recycle cooking oil for fuel

McDonald's Corp will convert its British delivery fleet to run on biodiesel made from its own recycled cooking oil, the firm said on Monday in a statement. The fast food chain aims to switch all its 155 vehicles to run on biodiesel in the next 12 months,
Published 03 Jul, 2007 12:00am
Ahmadinejad and Chavez sign petrochemical plant deal

Ahmadinejad and Chavez sign petrochemical plant deal

The presidents of Iran and Venezuela launched construction of a joint petrochemical plant on Monday, strengthening an "axis of unity" between two oil-rich nations staunchly opposed to the United States.
Published 03 Jul, 2007 12:00am
UAE banks to merge to create largest Gulf lender

UAE banks to merge to create largest Gulf lender

Emirates Bank International Ltd and National Bank of Dubai said on Monday they had agreed to merge to create the Gulf's largest bank by assets with a combined market value of over $11 billion. The banks said they would consult regulators before giving det
Published 03 Jul, 2007 12:00am
Iraq raises petrol price by 15 percent

Iraq raises petrol price by 15 percent

Iraq has increased official petrol prices by around 15 percent, an Iraqi official said on Monday, delivering the second hike this year to keep promises made to the International Monetary Fund. Karem Hattab, chairman of Iraq's oil products distribution com
Published 03 Jul, 2007 12:00am
Citigroup headquarters sold for $2.01 billion

Citigroup headquarters sold for $2.01 billion

Citigroup's European headquarters in London has been sold to a consortium led by an Irish private-equity company for 1.0 billion pounds (1.48 billion euros, 2.01 billion dollars), the buyers said Monday.
Published 03 Jul, 2007 12:00am
Petrol consumption down in Iran

Petrol consumption down in Iran

The world's fourth biggest oil producer Iran has successfully reduced petrol consumption after implementing a rationing scheme over angry protests, press reports said on Monday. "Petrol consumption has been down by six million litres per day and now stand
Published 03 Jul, 2007 12:00am
IGI Bank offers investment strategies

IGI Bank offers investment strategies

IGI Investment Bank's mutual funds advisory service "Fund Select" has contributed greatly to the mobilisation of funds in the mutual fund industry. At a time when awareness of mutual funds is largely uncommon, Fund Select has managed to attract investment
Published 03 Jul, 2007 12:00am
India software exports head for $60 billion mark

India software exports head for $60 billion mark

India's exports of software and related services are expected to almost double in three years to 60 billion dollars, maintaining the country's lead over rivals such as China, the industry said Monday.
Published 03 Jul, 2007 12:00am
Turkish economy surges

Turkish economy surges

Turkey's economy grew by 6.7 percent in the first quarter of 2007 compared to the same period last year, the Turkish Statistics Institute said Monday. The figure shows the change in gross national product over the period, the preferred measure of Turkish
Published 03 Jul, 2007 12:00am
'Islamic finance industry developing rapidly'

'Islamic finance industry developing rapidly'

WorldAsia CEO, Syed Tariq Ali said the Islamic Finance Industry was developing at a rapid pace and the banks in particular would offer more Islamic Financial services to its clients.
Published 03 Jul, 2007 12:00am
Malaysian palm oil jumps

Malaysian palm oil jumps

Malaysian crude palm oil futures closed 1.7 percent higher on Monday, boosted by rising soybean oil and fresh buying. But traders said gains were capped by June exports numbers. The benchmark September contract on the Bursa Malaysia Derivatives Exchange f
Published 03 Jul, 2007 12:00am
Tokyo rubber hits five-month low

Tokyo rubber hits five-month low

Tokyo rubber futures fell to a five-month low by midday on Monday as improving weather in producing countries hit a market already vulnerable on bearish technical factors. Tapping in Thailand, the world's biggest rubber producer, was delayed by heavy rain
Published 03 Jul, 2007 12:00am
Vietnam's first half 2007 rubber imports drop

Vietnam's first half 2007 rubber imports drop

Vietnam's rubber imports during the first half of this year dropped 10.8 percent from a year earlier to 205,000 tonnes, a Trade Ministry report said on Monday. January to June exports of rubber latex fell 3.5 percent from a year earlier to 280,600 tonnes
Published 03 Jul, 2007 12:00am
Asian importer may go for US corn as prices fall

Asian importer may go for US corn as prices fall

Asian grain importers are likely to seek corn as US prices fell sharply on bearish US government data released on Friday, but persistently high grain import costs and freight rates will discourage active purchases, traders said on Monday.
Published 03 Jul, 2007 12:00am
Indian edible oil prices seen stable on good crop

Indian edible oil prices seen stable on good crop

Prices of edible oil in India are likely to remain around current levels with a good crop expected this year, a senior industry official said on Monday. "We expect the price situation to be comfortable and stable and a good crop ahead," the official, who
Published 03 Jul, 2007 12:00am
China to see 2006-07 corn surplus

China to see 2006-07 corn surplus

China is likely to have a corn surplus of 4.48 million tonnes in the current marketing year, making it unlikely the country will import a large quantity of the grain, an executive from Jilin Grain Group (JGG) said on Monday.
Published 03 Jul, 2007 12:00am
Indonesian palm oil higher

Indonesian palm oil higher

Indonesian palm oil rose almost four percent on Monday, supported by gains in Malaysia and despite government efforts to curb rising cooking oil prices. In Jakarta, cooking oil traded at 7,400 rupiah ($0.820) a kg, up 3.85 percent from 7,125 rupiah on Fri
Published 03 Jul, 2007 12:00am
Indian soyoil futures consolidate

Indian soyoil futures consolidate

Indian soyoil futures eased more than 0.3 percent on Monday, as the market consolidated after rising nearly 2 percent last week, but traders said the undercurrent remained bullish. At 2:15 pm (0845 GMT), the July contract on the National Commodity and Der
Published 03 Jul, 2007 12:00am
Oil steadies at $71

Oil steadies at $71

Oil prices steadied on Monday as traders looked ahead to a recovery in US refinery use to offset declining gasoline stockpiles. London Brent crude traded 3 cents higher at $71.44 a barrel by 0718 GMT, after gaining 89 cents on Friday. US light crude eased
Published 03 Jul, 2007 12:00am
Indonesia's 2007 rice output seen up

Indonesia's 2007 rice output seen up

Indonesia expects rice production to rise 1.25 percent to 55.13 million tonnes on improving productivity, the state statistics bureau said on Monday. Last year, Indonesia produced 54.45 million tonnes of unmilled rice. The outlook is the second preliminar
Published 03 Jul, 2007 12:00am
Malaysian tin unchanged

Malaysian tin unchanged

Malaysian tin was unchanged in thin trade on Monday, in line with steady prices on the London Metal Exchange, one dealer said.
Published 03 Jul, 2007 12:00am
Gold steady

Gold steady

Gold was steady on Monday, with support coming from renewed security and inflation worries, while yen-based gold inched up to its highest since last Tuesday. Spot gold stood at $649.50/651.00 an ounce at 0311 GMT, versus $648.70/$650.20 in late New York.
Published 03 Jul, 2007 12:00am
Shanghai copper gains

Shanghai copper gains

Shanghai copper prices edged higher on Monday, tracking London futures as investors weigh seasonally slow demand against the prospect of speculative buying at the start of the new quarter and threats to supply. The most-active September copper contract on
Published 03 Jul, 2007 12:00am
China winter wheat output revised upward

China winter wheat output revised upward

The China National Grain and Oils Information Centre (CNGOIC) said it had revised upwards its estimate for the country's 2007 winter wheat output to 102 million tonnes despite drought damage in some provinces.
Published 03 Jul, 2007 12:00am
Canada 2007 wheat output seen down

Canada 2007 wheat output seen down

The Canadian Wheat Board said on Monday the country's 2007 wheat output was likely to slump by 20 percent to 20 million tonnes, while its barley output would jump by 30 percent to 12 million tonnes.
Published 03 Jul, 2007 12:00am
Activity at Karachi and Qasim ports

Activity at Karachi and Qasim ports

The Karachi Port handled 190,794 tonnes cargo including 159,289 tonnes import, 31,505 tonnes export cargo and 2,676 containers (TEUs) during last 48 hours ending at 0700 hours on Monday.
Published 03 Jul, 2007 12:00am
Iranian ship struggles in choppy Bangladesh water

Iranian ship struggles in choppy Bangladesh water

Stormy weather in the Bay of Bengal has hampered operations to rescue a troubled Iranian vessel off Bangladesh's Mongla port, port officials said on Monday. Bangladesh navy vessels were assisting the Iranian flagged vessel Mir Damad, a container ship with
Published 03 Jul, 2007 12:00am
Singapore bunker fuel prices steady

Singapore bunker fuel prices steady

Singapore bunker prices held steady on Monday, as its differential to fuel oil cargoes slipped toward parity on its second day in the black. Prices for 380-centistoke (cst) were pegged at $$361-$363 a tonne, remaining unchanged from the previous session,
Published 03 Jul, 2007 12:00am
China's VLCCs to ship 45 percent of oil import in 2010

China's VLCCs to ship 45 percent of oil import in 2010

China's very large crude carrier (VLCC) fleet will be able to carry about 45 percent of the oil it imports in 2010, up from the less than 20 percent in 2005, a researcher with China's leading shipping firm said on Sunday.
Published 03 Jul, 2007 12:00am
China's first LNG tanker seen in use by year end

China's first LNG tanker seen in use by year end

China's first liquefied natural gas (LNG) carrier is expected to go into operation by the end of this year, a senior official with the country's first LNG shipping company said on Sunday.
Published 03 Jul, 2007 12:00am
Argentina sells 8.82 million tonnes wheat

Argentina sells 8.82 million tonnes wheat

Argentine 2006/07 wheat export commitments totalled 8.82 million tonnes by June 29, unchanged from a week earlier, the Agriculture Secretariat said in its latest weekly report. By the same date last year, Argentina had sold 7.05 million tonnes of the grai
Published 03 Jul, 2007 12:00am
US Plains HRW wheat bids steady to weaker

US Plains HRW wheat bids steady to weaker

US Plains hard red winter wheat basis bids were steady to weaker on Monday, with rain-related harvest delays persisting in many central and eastern areas of Kansas, the top US wheat-growing state. Flooding through the eastern part of the state was severe,
Published 03 Jul, 2007 12:00am
Gulf soyabean weak, corn steady to higher

Gulf soyabean weak, corn steady to higher

US CIF barge basis values for soyabeans were weak Monday, pressured by strong rallies in soyabean futures on Friday and in overnight electronic trading, traders said. Corn basis offers were steady to higher, supported by strong export demand.
Published 03 Jul, 2007 12:00am
US Midwest soyabean bids fall, corn flat

US Midwest soyabean bids fall, corn flat

Spot basis bids for soyabeans fell at locations around the US Midwest on Monday following a rally in the futures market that pushed cash prices sharply higher, grain dealers said. Cash bids for corn were mostly unchanged as most dealers think there will b
Published 03 Jul, 2007 12:00am
Ivorian cocoa arrivals seen rising

Ivorian cocoa arrivals seen rising

Cocoa arrivals at ports in Ivory Coast from October 1 to July 1 reached around 1,138,000 tonnes compared with 1,269,334 tonnes received in the same period a year earlier, according to an estimate by exporters on Monday. Exporters estimated around 9,000 to
Published 03 Jul, 2007 12:00am
Prices show upward trend on grain market

Prices show upward trend on grain market

Upward trend was seen on the grain market on Monday though most of the buyers kept on the sidelines due to higher prices, dealers said. On the seed side rapeseed Nawabshah low type gained Rs 40 to Rs 1150, good type rose by Rs 35 to Rs 1135.
Published 03 Jul, 2007 12:00am
Ginners raise asking prices after a deal at Rs 3000

Ginners raise asking prices after a deal at Rs 3000

Prices move upward on the cotton marker on Monday as a deal stuck at Rs 3000, which was the season's peak level, dealers said. The Karachi Cotton Association (KCA) official spot rate was unchanged at Rs 2650, they added.
Published 03 Jul, 2007 12:00am
Oil cake market rates

Oil cake market rates

The July vaida was unchanged while the December vaida turned lower on the forward cottonseed oilcake market on Monday in process of trading, brokers said. The July vaida was unchanged at Rs 650.00 and closing was seen at the same level without any variati
Published 03 Jul, 2007 12:00am
India slows South African coal buying

India slows South African coal buying

Indian buying of South African coal has slowed considerably and is unlikely to pick up until September, when current high stocks have been consumed, Indian traders said. Almost all of South Africa's 65 million tonnes a year coal exports are sold into Euro
Published 03 Jul, 2007 12:00am
Iraq receives 100,000 tonnes of North American wheat

Iraq receives 100,000 tonnes of North American wheat

Iraq's Umm Qasr port is unloading cargoes from two vessels carrying 100,000 tonnes of North American wheat purchased by the state grain agency last December, shippers and traders said on Monday.
Published 03 Jul, 2007 12:00am
New York cotton

New York cotton

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

Published 03 Jul, 2007 12:00am
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