PTCL to regularise 3,000 daily wagers
By Imran Ayub
KARACHI: The Pakistan Tele-communication Company Limited (PTCL) is contemplating regularising around 3,000 workers on daily wages next month following a go-ahead signal from the ministry of information technology and and telecom.
A company source told Daily Times... 
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PAMCL-led funds declare dividend
KARACHI: PICIC Asset Management Company Limited (PAMCL) has declared final dividends on PICIC Investment Fund (PIF) and PICIC Growth Fund (PGF) at 25 percent and 35 percent, respectively for period ended June 30, 2004.
Addressing a press conference on Monday, Muhammad Ali Khoja, managing director...
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ZTBL to fully implement agri package
ISLAMABAD: Istaqbal Mehdi, president Zarai Taraqiati Bank Limited (ZTBL), said on Monday that the agriculture package announced by President Pervez Musharraf should be implemented in its true spirit.
Mr Mehdi said this while addressing the regional managers of the ZTBL, and urged them to ensure...
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EPB to hold 3 dates shows abroad
KARACHI: Export Promotion Bureau (EPB) will hold three dates shows at Mumbai, Dhaka and Jakarta from August 31 to September 10, 2004 to promote exports of Pakistani fresh and dried dates.
Muhammad Essa Jalbani, director EPB, said here Monday, 15 leading dates exporters will be selected for displaying...
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FFCL to set up $200m plant in Morocco
Staff Report
ISLAMABAD: Fauji Fertilizer Company Limited (FFCL) and Office Cherifian des Phosphate (OCP), of Morocco are going to set up a fertilizer plant in Morocco under a joint venture project with an estimated cost of $200 million.
This was informed by the OCP delegation led...
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PC awaits MoC response on SLIC IPO proposal
By Javed Mahmood
ISLAMABAD: The ministry of commerce is showing hesitation in taking State Life Insurance Company (SLIC) to the stock market, a government official said Monday.
A few weeks ago the Privatisation Commission wrote a letter to the commerce ministry to obtain basic information...
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CBR body mulls ST withdrawal on cotton import
Staff Report
ISLAMABAD: The anomalies committee of the federal government is examining the idea of withdrawing sales tax imposed on the import of raw cotton, an official at the Central Board of Revenue (CBR) official said Monday.
He said that if the committee recommended the withdrawal...
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Horticulture export seen rising next year
KARACHI: Export of horticulture products is expected to witness a boom in current year owing to scores of reasons particularly measures announced in new trade policy for growth in value addition horticulture products.
Development of cool chain system under new trade policy will not only increase...
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APTBA holds seminar on ST law
Staff Report
LAHORE: All Pakistan Tax Bar Association (APTBA) has urged the Central Board of Revenue (CBR) to make its sales tax department (STD) more disciplined in order to ensure that taxpayers face minimum problems.
According to a press release issued here by APTBA Tuesday,...
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EU extends Asia bird flu chicken ban
BRUSSELS: The European Union on Monday extended until December 15 its ban on chicken products and pet birds from nine Asian countries due to potentially deadly bird flu.
“The Commission has adopted a decision to continue the suspension of imports into the EU of chicken products and pet birds...
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SBP issues LoA to Ibrahim Group
Staff Report
KARACHI: The State Bank of Pakistan (SBP) has issued the Letter of Acceptance (LOA) to consortium of Ibrahim Leasing Limited and Ibrahim Group, who have made the highest bid of Rs 14.2 billion for acquisition of 325 million additional shares of Allied Bank of Pakistan Limited...
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Oil prices hold near $42 on supply fears
LONDON: Oil held firm just below $42 on Monday as rapid demand growth and fears over fragile crude supplies spurred big-money funds to bet on sustained price strength.
US light crude was down 19 cents at $41.52 a barrel, within sight of early June’s 21-year peaks above $42. London Brent crude...
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Pakistan, Iran open third trade route
ISLAMABAD: Pakistan and Iran have opened a new trade channel with the aim to give boost to their bilateral trade, Muhammad Ramzan Bhatti, member customs at the Central Board of Revenue (CBR), told Daily Times on Monday evening.
He said that the new trade channel had been opened at Anam Bostan,...
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Stocks extend losses, KSE index falls 63 pts amid low volumes
KARACHI: The Karachi stock extended its losses Monday and the key index closed down over one percent as weak holders sold blue chips amid high carryover rates, brokers said.
The KSE 100-share index dropped 63.22 points, or 1.17 percent, to close at 5,346.15 points against the close at 5,409.22...
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Dollar remains firm
KARACHI: The US currency remained strong in the interbank market Monday touching the level of Rs 58.54 for buying in the intra-day trade but it lost early gains following the intervention of the central bank, the treasurers said.
The dollar closed in the interbank at Rs 58.34 for buying and Rs...
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LSE sheds 42 pts
LAHORE: The Lahore stock market remained bearish Monday on the back of selling pressure mainly in the banking sector, brokers said.
The LSE 25-share index lost 42.35 points, or 1.5 percent, to close at 2,764.02 points against 2,806.37 points of the previous session.
Ahmed Irfan Shafqat,...
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ISE ends lower
ISLAMABAD: The Islamabad stock market closed negative Monday as the ISE 10-share index fell 13.68 points, or 0.83 percent, to close at 1,626.00 points from 1,639.68 points of the previous session.
Dealers said the market opened with 5 points in the plus and then it continued to decline and remained...
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Entrepreneurship: Decorating moving wheels
Fact Box:
Name: Ali Muhammad
Age: 34
Type of business: Auto accessories
Location: Auto Market, Garden
Daily Times: What is your background?
Ali Muhammad: I was born in Karachi. My father is attached with the textile sector. I did my B Com from Karachi University....
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Strike-hit LG-Caltex restores plant capacity to 80%
SEOUL: LG-Caltex Oil Corp., South Korea’s second-biggest oil refiner, said on Monday it had restored capacity at its strike-hit refinery to 80 percent, but talks to end a nine-day dispute over wages remained at a standstill.
Union leaders at unlisted LG-Caltex, a 50:50 joint venture between...
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Cotton prices ease further
KARACHI: Trading activity improved slightly at the Karachi Cotton Exchange on Monday but cotton prices fell by Rs 25 to close at Rs 2,475 due to sufficient stocks and lack of any major buying, dealers said.
Traders are optimistic trading activity would pick up in the market but they were uncertain...
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Investors fear slowdown as Matsushita, Sony report
TOKYO: Quarterly report cards this week from Japan’s consumer electronics firms are expected to show strong sales of DVD recorders and other digital products, but the stock market is already pricing in a slowdown later this year.
Sector shares have fallen sharply in the past several months even...
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Business Notes: Workshop on WTO at LCCI
LAHORE: A workshop on trade remedial measures under WTO and implications for Pakistan will be held here on Tuesday, July 27 at the Lahore Chamber of Commerce & Industry (LCCI). The workshop has been arranged by the WTO Cell, Planning & Development (P&D;) department, Punjab, and will be addressed by...
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CBR reduces import of crude palm oil
ISLAMABAD: The Central Board Revenue (CBR) has reduced the quantity of crude palm oil by Avian Oil Mills, said an SRO issued by the customs wing. The mills was allowed to import 220,000 tons of crude palm oil a year, but the ii had only imported 57,007 tons oil in last fiscal year. The mills requested...
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APMDA to hold protest
KARACHI: All Pakistan Motor Dealers Association (APMDA) has decided to shut down their businesses on Tuesday throughout the country, said S.M. Shahzad, chairman APMDA. In protest against the Custom General Order (CGO) 06-2004, the chairman said, the motor dealers would bring out a car-rally from M.A...
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BoK arranges training on Islamic banking
PESHAWAR: The Islamic Banking Division of the Bank of Khyber (BOK) has arranged one-week training programme on Islamic banking to develop and equip the skills of bank officers to meet the future challenges. In a statement, the bank said Monday the training programme is aimed at equipping the bank officers...
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Rs 200 CED imposed on bill of lading
ISLAMABAD: The Central Board of Revenue (CBR) has announced the levy of Rs 200 as central excise duty on every bill of lading. Through an amendment in SRO 621(I)/2004, the CBR has said that in exercise of the powers conferred by section 37 read with sub-section (8) of section 3 of the Central Excises...
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