Print - 2004-07-02
PML may name Jamali as its parliamentary leader

PML may name Jamali as its parliamentary leader

The Pakistan Muslim League is considering to appoint former prime minister Mir Zafarullah Khan Jamali parliamentary party leader in the National Assembly.
Published 02 Jul, 2004 12:00am
'Indictment refutes Benazir and Zardari claim'

'Indictment refutes Benazir and Zardari claim'

The order of additional indictment, issued by Swiss Examining Magistrate, Christine Junod on June 30, at Geneva completely refutes the earlier assertion by Benazir Bhutto and Asif Zardari.
Published 02 Jul, 2004 12:00am
CEC lays down procedure to update voters' list

CEC lays down procedure to update voters' list

Chief Election Commissioner (CEC), Chief Justice Irshad Hassan Khan (Retd) announced on Thursday the procedure to update the electoral rolls for the forthcoming Local Government elections.
Published 02 Jul, 2004 12:00am
Inflows and outflows of rivers

Inflows and outflows of rivers

The inflows/outflows at Tarbela, Mangla and Chashma along with the reservoirs levels and the barrages at 6.00 am on Thursday.
Published 02 Jul, 2004 12:00am
Good bit of business awaits Senate session

Good bit of business awaits Senate session

The President has summoned the Senate session on Saturday, 3rd July 2004 at the Parliament House. Besides, the government agenda, the Upper House will take up opposition's business including call attention notices and adjournment motions and also the ques
Published 02 Jul, 2004 12:00am
NJLI Pension Fund Rates

NJLI Pension Fund Rates

New Jubilee Life Insurance Pension Fund Rates on Thursday (July 01, 2004).
Published 02 Jul, 2004 12:00am
Value-addition issue resolved: FPCCI

Value-addition issue resolved: FPCCI

Federation of Pakistan Chambers of Commerce and Industry (FPCCI) said that the issue of reduction of value-addition of 10 percent against 14 percent proposed in the Finance Bill 2004-05 has been resolved.
Published 02 Jul, 2004 12:00am
NJLI Pension Fund Rates

NJLI Pension Fund Rates

New Jubilee Life Insurance Pension Fund Rates on Thursday (July 01, 2004).
Published 02 Jul, 2004 12:00am
Value-addition issue resolved: FPCCI

Value-addition issue resolved: FPCCI

Federation of Pakistan Chambers of Commerce and Industry (FPCCI) said that the issue of reduction of value-addition of 10 percent against 14 percent proposed in the Finance Bill 2004-05 has been resolved.
Published 02 Jul, 2004 12:00am
NJLI Pension Fund Rates

NJLI Pension Fund Rates

New Jubilee Life Insurance Pension Fund Rates on Thursday (July 01, 2004).
Published 02 Jul, 2004 12:00am
Sri Lankan team meets PTA chief

Sri Lankan team meets PTA chief

A four-member visiting delegation headed by Sri Lankan Minister for Post and Telecommunication D M Jayarafne (MP) held a sideline meeting with Pakistan Telecommunication Authority (PTA) chairman Major General Shahzada Alam Malik (Retd) and members of the
Published 02 Jul, 2004 12:00am
NJLI Mutual Fund Rates

NJLI Mutual Fund Rates

New Jubilee Life Insurance Mutual Fund Rates on Thursday (July 01, 2004).
Published 02 Jul, 2004 12:00am
Sri Lankan team meets PTA chief

Sri Lankan team meets PTA chief

A four-member visiting delegation headed by Sri Lankan Minister for Post and Telecommunication D M Jayarafne (MP) held a sideline meeting with Pakistan Telecommunication Authority (PTA) chairman Major General Shahzada Alam Malik (Retd) and members of the
Published 02 Jul, 2004 12:00am
NJLI Mutual Fund Rates

NJLI Mutual Fund Rates

New Jubilee Life Insurance Mutual Fund Rates on Thursday (July 01, 2004).
Published 02 Jul, 2004 12:00am
CBR devises strategy to dispose of appeals backlog

CBR devises strategy to dispose of appeals backlog

The Central Board of Revenue (CBR) has devised new strategy to dispose of over 11,000 income tax appeals, involving Rs 39 billion, pending with the Income Tax Appellate Tribunals (ITATs) and other appellate fora.
Published 02 Jul, 2004 12:00am
NJLI Mutual Fund Rates

NJLI Mutual Fund Rates

New Jubilee Life Insurance Mutual Fund Rates on Thursday (July 01, 2004).
Published 02 Jul, 2004 12:00am
CBR devises strategy to dispose of appeals backlog

CBR devises strategy to dispose of appeals backlog

The Central Board of Revenue (CBR) has devised new strategy to dispose of over 11,000 income tax appeals, involving Rs 39 billion, pending with the Income Tax Appellate Tribunals (ITATs) and other appellate fora.
Published 02 Jul, 2004 12:00am
Afghan presidential candidate vows to accept Durand line

Afghan presidential candidate vows to accept Durand line

A candidate in Afghanistan's forthcoming presidential election said on Thursday he was prepared to recognise the controversial Durand treaty setting out the border between Afghanistan and neighbouring Pakistan.
Published 02 Jul, 2004 12:00am
Afghan presidential candidate vows to accept Durand line

Afghan presidential candidate vows to accept Durand line

A candidate in Afghanistan's forthcoming presidential election said on Thursday he was prepared to recognise the controversial Durand treaty setting out the border between Afghanistan and neighbouring Pakistan.
Published 02 Jul, 2004 12:00am
Bourses to collect taxes on sales, purchase of shares, CVT

Bourses to collect taxes on sales, purchase of shares, CVT

All the taxes imposed in the Federal Budget 2004-05 on the sale and purchase of shares and withholding tax on earnings through carry over transactions would be collected by the stock exchanges of the country on behalf of the Central Board of Revenue.
Published 02 Jul, 2004 12:00am
Bourses to collect taxes on sales, purchase of shares, CVT

Bourses to collect taxes on sales, purchase of shares, CVT

All the taxes imposed in the Federal Budget 2004-05 on the sale and purchase of shares and withholding tax on earnings through carry over transactions would be collected by the stock exchanges of the country on behalf of the Central Board of Revenue.
Published 02 Jul, 2004 12:00am
Bourses to collect taxes on sales, purchase of shares, CVT

Bourses to collect taxes on sales, purchase of shares, CVT

All the taxes imposed in the Federal Budget 2004-05 on the sale and purchase of shares and withholding tax on earnings through carry over transactions would be collected by the stock exchanges of the country on behalf of the Central Board of Revenue.
Published 02 Jul, 2004 12:00am
Seaborne trade normal as anti-terror law takes hold

Seaborne trade normal as anti-terror law takes hold

Ships sailed smoothly into international ports on Thursday as a tough new maritime security law showed no signs of hurting commerce with governments choosing to avoid meting out penalties for non-compliance that had threatened to delay sea-borne trade.
Published 02 Jul, 2004 12:00am
SME Bank assigned BB+, A3 ratings

SME Bank assigned BB+, A3 ratings

JCR-VIS has assigned medium to long-term entity rating of BB+ (Double B Plus) with a 'Stable' outlook and a short-term rating of A3 (A Three) to the SME Bank Limited (SME Bank).
Published 02 Jul, 2004 12:00am
SME Bank assigned BB+, A3 ratings

SME Bank assigned BB+, A3 ratings

JCR-VIS has assigned medium to long-term entity rating of BB+ (Double B Plus) with a 'Stable' outlook and a short-term rating of A3 (A Three) to the SME Bank Limited (SME Bank).
Published 02 Jul, 2004 12:00am
Justice Dogar made acting CEC

Justice Dogar made acting CEC

The Supreme Court has announced the appointment of one of its senior judges, Justice Abdul Hameed Dogar as Acting Chief Election Commissioner for 26 days from Thursday.
Published 02 Jul, 2004 12:00am
PICT becomes ISPS-compliant

PICT becomes ISPS-compliant

The Pakistan International Containers Terminal Limited (PICT) has achieved ISPS (International Ship and Port Security Code) Compliance.
Published 02 Jul, 2004 12:00am
PICT becomes ISPS-compliant

PICT becomes ISPS-compliant

The Pakistan International Containers Terminal Limited (PICT) has achieved ISPS (International Ship and Port Security Code) Compliance.
Published 02 Jul, 2004 12:00am
Shipping Intelligence

Shipping Intelligence

Karachi Shipping Intelligence report incorporating changes till 7 am on Thursday (July 01, 2004).
Published 02 Jul, 2004 12:00am
Shipping Intelligence

Shipping Intelligence

Karachi Shipping Intelligence report incorporating changes till 7 am on Thursday (July 01, 2004).
Published 02 Jul, 2004 12:00am
CBR allows nylon yarn import at 5 percent duty

CBR allows nylon yarn import at 5 percent duty

The Central Board of Revenue (CBR) has allowed concessionary import of acetate yarn, cuprammonium rayon and textured yarn of nylon or other polyamides at minimum five percent duty by any importer to promote domestic industries.
Published 02 Jul, 2004 12:00am
Iran buys Malaysian palm olein

Iran buys Malaysian palm olein

The Government Trading Corporation of Iran (GTC) on Thursday said it bought 15,000 tonnes of Malaysian refined, bleached and deodorised (RBD) palm olein following a buy tender issued earlier this week.
Published 02 Jul, 2004 12:00am
CBR allows nylon yarn import at 5 percent duty

CBR allows nylon yarn import at 5 percent duty

The Central Board of Revenue (CBR) has allowed concessionary import of acetate yarn, cuprammonium rayon and textured yarn of nylon or other polyamides at minimum five percent duty by any importer to promote domestic industries.
Published 02 Jul, 2004 12:00am
Turkish barley prices down as crops arrive

Turkish barley prices down as crops arrive

Turkish barley prices fell this week as fresh crops entered the market and after last week's opening price was higher than expected, brokers said on Thursday.
Published 02 Jul, 2004 12:00am
CBR allows nylon yarn import at 5 percent duty

CBR allows nylon yarn import at 5 percent duty

The Central Board of Revenue (CBR) has allowed concessionary import of acetate yarn, cuprammonium rayon and textured yarn of nylon or other polyamides at minimum five percent duty by any importer to promote domestic industries.
Published 02 Jul, 2004 12:00am
US Midwest soya bids mixed, sales slow

US Midwest soya bids mixed, sales slow

Spot basis bids for soyabeans were mixed in the US Midwest Thursday and corn bids were firm, supported by a lack of farmer selling, dealers said.
Published 02 Jul, 2004 12:00am
US Plains HRW wheat basis firm, slow selling

US Plains HRW wheat basis firm, slow selling

Spot cash basis bids for hard red winter wheat in the US central and southern Plains production area were mostly steady on Thursday with new-crop wheat supplies seen in tight hands, dealers said.
Published 02 Jul, 2004 12:00am
KSE to help raise buy-back value by 45 percent

KSE to help raise buy-back value by 45 percent

The Karachi Stock Exchange (KSE) move to give maximum benefit to minority shareholders have convinced listed companies management to increase the buy-back value by as much as 45 percent.
Published 02 Jul, 2004 12:00am
CBOT wheat futures mostly lower after USDA data

CBOT wheat futures mostly lower after USDA data

Chicago Board of Trade wheat futures closed mostly down on Wednesday after tumbling to eight-month lows earlier in the session on the latest plantings and stocks data from the US Department of Agriculture, traders said.
Published 02 Jul, 2004 12:00am
KSE to help raise buy-back value by 45 percent

KSE to help raise buy-back value by 45 percent

The Karachi Stock Exchange (KSE) move to give maximum benefit to minority shareholders have convinced listed companies management to increase the buy-back value by as much as 45 percent.
Published 02 Jul, 2004 12:00am
Singapore bunker fuel prices up

Singapore bunker fuel prices up

Singapore bunker fuel oil prices rose on Thursday on support from higher benchmark crude and cargo values, but traders said thin trade and ample supplies capped gains.
Published 02 Jul, 2004 12:00am
State Bank stops issuing Rs 5 note

State Bank stops issuing Rs 5 note

The State Bank of Pakistan (SBP) and all its offices of the Banking Services Corporation have discontinued issuance of Rs 5 banknote from July 1, 2004.
Published 02 Jul, 2004 12:00am
Activity at Karachi and Qasim ports

Activity at Karachi and Qasim ports

The Karachi Port handled 118,468 tonnes of cargo including 98,070 tonnes import and 20,398 tonnes export cargo during last 24 hours ending at 0700 hours on Thursday.
Published 02 Jul, 2004 12:00am
State Bank stops issuing Rs 5 note

State Bank stops issuing Rs 5 note

The State Bank of Pakistan (SBP) and all its offices of the Banking Services Corporation have discontinued issuance of Rs 5 banknote from July 1, 2004.
Published 02 Jul, 2004 12:00am
Romania sees bumper maize crop

Romania sees bumper maize crop

Romania's sharply higher maize crop, seen 27 percent up from the 2003 weather-hit harvest, may help the biggest Balkan country boost its duty-free sales to the European Union, traders and officials said on Thursday.
Published 02 Jul, 2004 12:00am
Pak Kuwait Investment ratings reaffirmed

Pak Kuwait Investment ratings reaffirmed

The JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed the Pakistan Kuwait Investment Company (Pvt) Limited (PKIC) ratings of AAA (Triple A) for medium to long-term and short-term rating of A-1+ (A One Plus).
Published 02 Jul, 2004 12:00am
Ukraine grain to stage comeback in EU

Ukraine grain to stage comeback in EU

Ukrainian feed wheat is due to make a comeback in southern Europe this season as the breadbasket of the former Soviet Union is expected to recover from last year's crop, the worst in 50 years, analysts said on Thursday.
Published 02 Jul, 2004 12:00am
Pak Kuwait Investment ratings reaffirmed

Pak Kuwait Investment ratings reaffirmed

The JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed the Pakistan Kuwait Investment Company (Pvt) Limited (PKIC) ratings of AAA (Triple A) for medium to long-term and short-term rating of A-1+ (A One Plus).
Published 02 Jul, 2004 12:00am
Free-fall in cotton prices

Free-fall in cotton prices

Cotton prices in Pakistan plunged sharply during last fortnight and lost anywhere from Rs 100 to Rs 200 per maund (37.32 kgs) with tendency to concede further ground.
Published 02 Jul, 2004 12:00am
Free-fall in cotton prices

Free-fall in cotton prices

Cotton prices in Pakistan plunged sharply during last fortnight and lost anywhere from Rs 100 to Rs 200 per maund (37.32 kgs) with tendency to concede further ground.
Published 02 Jul, 2004 12:00am
DRS Tech rejects unsolicited buyout bid by L-3

DRS Tech rejects unsolicited buyout bid by L-3

DRS Technologies Inc on Thursday said it had rejected an unsolicited proposal from defence contractor L-3 Communications Holdings Inc to acquire DRS for $42 per share in cash, saying the deal was not in the best interests of its shareholders.
Published 02 Jul, 2004 12:00am
Oil cake market rates

Oil cake market rates

The July vaida opened unchanged at Rs490.50 and it gained 70 paisa during the day's trading to claim to be the highest at Rs491.20.
Published 02 Jul, 2004 12:00am
DRS Tech rejects unsolicited buyout bid by L-3

DRS Tech rejects unsolicited buyout bid by L-3

DRS Technologies Inc on Thursday said it had rejected an unsolicited proposal from defence contractor L-3 Communications Holdings Inc to acquire DRS for $42 per share in cash, saying the deal was not in the best interests of its shareholders.
Published 02 Jul, 2004 12:00am
Favourable conditions on cotton market

Favourable conditions on cotton market

A couple of deals were reported on the cotton market as prices continued to turn favourable for the buyers, relevant sources said.
Published 02 Jul, 2004 12:00am
Time Warner bids for MGM

Time Warner bids for MGM

The world's biggest media group, Time Warner, has made an offer for Metro Goldwyn Mayer studios, but for a price less than the five billion dollars proposed by Sony, a source familiar with the talks said Thursday.
Published 02 Jul, 2004 12:00am
EU sells white sugar at tender

EU sells white sugar at tender

The European Union sold 66,000 tonnes of white sugar at a maximum rebate of 48.144 euros per 100 kg at Thursday's tender, traders said.
Published 02 Jul, 2004 12:00am
Charles River to buy Inveresk for about $1.5 billion

Charles River to buy Inveresk for about $1.5 billion

Charles River Laboratories Inc, the world's biggest breeder of animals for drug research, on Thursday said it will acquire Inveresk Research Group Inc for $1.5 billion to expand its drug testing business.
Published 02 Jul, 2004 12:00am
Charles River to buy Inveresk for about $1.5 billion

Charles River to buy Inveresk for about $1.5 billion

Charles River Laboratories Inc, the world's biggest breeder of animals for drug research, on Thursday said it will acquire Inveresk Research Group Inc for $1.5 billion to expand its drug testing business.
Published 02 Jul, 2004 12:00am
Castorseeds, gram up on grain market

Castorseeds, gram up on grain market

Gram varieties underwent widespread changes on the seed and grain wholesale markets on Thursday, according to group's release.
Published 02 Jul, 2004 12:00am
Eurozone jobless rate steady

Eurozone jobless rate steady

The jobless rate in the eurozone remained stuck at 9.0 percent in May from April as the economic recovery failed to generate new jobs, data from the European Union statistics office showed on Thursday.
Published 02 Jul, 2004 12:00am
New York coffee firm

New York coffee firm

NYBOT arabica coffee futures closed firmer on Wednesday on speculative short-covering although the absence of chilly weather in leading producer Brazil will likely keep futures in a narrow band, brokers said.
Published 02 Jul, 2004 12:00am
BP signs $1.9 billion Indonesia LNG deal

BP signs $1.9 billion Indonesia LNG deal

BP Plc signed a $1.9 billion deal on Thursday to supply 550,000 tonnes a year of Indonesian liquefied natural gas (LNG) to South Korean steel firm POSCO Co for 20 years, starting in 2005.
Published 02 Jul, 2004 12:00am
US corn acres 80.968 million

US corn acres 80.968 million

The US farmers planted an astonishing 80.968 million acres of corn and a record 74.809 million acres of soybeans, putting record harvests within reach, the government said on Wednesday.
Published 02 Jul, 2004 12:00am
Russian government looks at plan to strengthen banks

Russian government looks at plan to strengthen banks

Prime Minister Mikhail Fradkov said on Thursday that Russia must not allow a banking crisis to happen, as deteriorating confidence in the sector led a mid-sized bank to turn away depositors.
Published 02 Jul, 2004 12:00am
New York cocoa ends with steep losses

New York cocoa ends with steep losses

NYBOT cocoa futures ended on Wednesday with steep losses after hitting a near one-month high, as producers in Ghana decided to sell at the highs and then drew the rest of the market in to cash in on profits at quarter end.
Published 02 Jul, 2004 12:00am
Enlarged EU shows big tax level disparity: study

Enlarged EU shows big tax level disparity: study

European Union newcomers have significantly lower corporate and income tax rates than the bloc's old members, but they are not guaranteed to see floods of foreign investment as a result, an EU study showed on Thursday.
Published 02 Jul, 2004 12:00am
Peshawar and Rawalpindi MTUs start functioning

Peshawar and Rawalpindi MTUs start functioning

Medium taxpayer units (MTUs) at Rawalpindi and Peshawar have started functioning from Thursday, July 1, 2004 to facilitate the taxpayers in their day to day affairs.
Published 02 Jul, 2004 12:00am
US upland cotton sales seen firm on steady demand

US upland cotton sales seen firm on steady demand

US upland cotton sales should stay firm due to steady demand from a variety of customers when the weekly USDA export sales report is released tomorrow, analysts said on Wednesday.
Published 02 Jul, 2004 12:00am
Peshawar and Rawalpindi MTUs start functioning

Peshawar and Rawalpindi MTUs start functioning

Medium taxpayer units (MTUs) at Rawalpindi and Peshawar have started functioning from Thursday, July 1, 2004 to facilitate the taxpayers in their day to day affairs.
Published 02 Jul, 2004 12:00am
KSE cuts 'Laga' by 4.8 percent

KSE cuts 'Laga' by 4.8 percent

The Karachi Stock Exchange (KSE) has decided to reduce the transaction cost commonly known as 'Laga' by 4.8 percent from Thursday.
Published 02 Jul, 2004 12:00am
Copper soars in New York on strike vote

Copper soars in New York on strike vote

Comex copper settled up sharply on Wednesday, nearly recouping on Tuesdays steep loss, as supply worries sparked fund buying after news that copper workers at Chillies Collahuasi mine and US Asarco operation voted in favour of strikes, traders said.
Published 02 Jul, 2004 12:00am
KSE cuts 'Laga' by 4.8 percent

KSE cuts 'Laga' by 4.8 percent

The Karachi Stock Exchange (KSE) has decided to reduce the transaction cost commonly known as 'Laga' by 4.8 percent from Thursday.
Published 02 Jul, 2004 12:00am
Tokyo platinum plunges on strong yen after tankan

Tokyo platinum plunges on strong yen after tankan

Tokyo platinum futures came under downward pressure on Thursday as the yen's renewed upturned after a strong Japanese corporate survey prompted active selling of the white metal by investors across the board.
Published 02 Jul, 2004 12:00am
ISE: bulls remain in driving seat

ISE: bulls remain in driving seat

Bulls continued to stay in the driving seat at the Islamabad Stock Exchange (ISE) where equities showed healthy signs amid increase in index.
Published 02 Jul, 2004 12:00am
Comex gold futures firm

Comex gold futures firm

Comex gold erased morning gains to end up slightly on Wednesday amid late position jockeying before the end of the quarter and the long-anticipated interest rate hike announced by the Federal Reserve after metals trade closed.
Published 02 Jul, 2004 12:00am
ISE: bulls remain in driving seat

ISE: bulls remain in driving seat

Bulls continued to stay in the driving seat at the Islamabad Stock Exchange (ISE) where equities showed healthy signs amid increase in index.
Published 02 Jul, 2004 12:00am
LSE index gains 31.78 points

LSE index gains 31.78 points

Led by cement and oil & gas stocks, the local share market staged a smart recovery mainly on account of institutional support amid steady turnover.
Published 02 Jul, 2004 12:00am