Study underway for power generation from LPG
Staff Report
ISLAMABAD: Under the directive of Prime Minister Shaukat Aziz, the Ministry of Petroleum and Natural Resources has been conducting a study to produce electricity from LPG for domestic use in order to alleviate the sufferings of people caused by load shedding and sudden power... 
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Sindh food department fails to release procured wheat
By Razi Syed
KARACHI: The Sindh food department has shown inability to release additional quantity of wheat and has even failed to release 25 percent of the procured wheat to the millers.
President Pakistan Flour Millers Association (PFMA) Sindh Zone, Ansar Javed said on Thursday...
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SBP issues guidelines to banks, DFIs for outsourcing
Staff Report
KARACHI: The State Bank of Pakistan (SBP) has issued detailed guidelines for all banks (including Islamic Banks), Development Finance Institutions and Microfinance Banks for outsourcing arrangements they make to carry out activities, functions and processes.
The central...
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Pakistan steel, NIP to develop industrial estate
Staff Report
ISLAMABAD: The establishment of a state of the art industrial estate on Pakistan Steel’s Downstream Industrial Estate will go a long way in economic development of Pakistan and especially of Karachi whose residents will be its major beneficiaries.
This was said by...
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PACRA maintains ratings of AICL, SSGC
Staff Report
LAHORE: The Pakistan Credit Rating Agency (PACRA) has maintained insurer financial strength (IFS) rating of Adamjee Insurance Company Limited (AICL) and long-term and short-term rating of Sui Southern Gas Company Limited (SSGC).
In a press statement issued on Friday,...
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FBR clears 95pc litigation cases of ST: FBR chief
ISLAMABAD: The Federal Board of Revenue (FBR) has managed to clear 95 percent litigation cases related to sales tax and no previous case was pending with the board at present.
“The board has devised a comprehensive strategy to resolve the tax-related issues within days and the practice was being...
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Anti-cancer drugs sales increase by 58 percent: IMS report
By Muhammad Yasir
KARACHI: The sale of anti-cancer drugs has increased 58 percent during the last three years. The rise in sales has rapidly surged the anti-cancer drugs’ import bills of
the country.
According to the figures issued by International Marketing Statistic (IMS),...
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Textile industry in crisis: APTA
LAHORE: Textile industry is in the midst of experiencing the worst crisis in Pakistan’s history and no measures have been taken by the government to remedy the situation.
According to a press statement issued by the All Pakistan Textile Association (APTA) on Friday, the industry is facing numerous...
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Informal trade with China more profitable: WB
Staff Report
ISLAMABAD: There seems to be a switch from informal Pakistan–India trade to informal Pakistan–China trade in recent years. Informal Pakistan–China trade would still be more profitable than formal Pakistan–India trade and the shift is important because it undermines the potential...
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Clarification
Staff Report
KARACHI: The Collectorate of Customs (Appraisement) Custom House, Karachi has claimed that no consignment of generators is stuck at Karachi Port and any claim in this regard by the importers is untrue.
In a press statement issued here on Friday, the Assistant Collector...
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Shah elected chairman of ECO Bank
ISLAMABAD: Dr Salman Shah, Adviser to Prime Minister on Finance, Revenue, Economic Affairs and Statistics has been elected as Chairman of the ECO Trade and Development Bank, Headquartered in Istanbul.
He was elected unanimously as the Chairman of the Board of Governors of the ECO Bank at its...
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‘The Dynamics of Microfinance Expansion’: Pakistan amongst largest microfinance markets
Staff Report
ISLAMABAD: Pakistan with an estimated 20 million potential clients is among the largest microfinance markets in the world and a substantial portion of existing microfinance clients are located in Lahore District, reveals a latest research report.
While microcredit...
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Jewellery preferences changing in India
* Demand for jewellery made out of metals like platinum is growing
NEW DELHI: Working Indian women are driving sales of lighter, more adaptable gold jewellery over the clunky necklaces and earrings their mothers would keep in a bank vault and only dust off for weddings and birthday parties....
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Dollar at lifetime low vs euro
NEW YORK: The dollar dropped to a record low against the euro on Friday after US retail sales fell unexpectedly, while import prices surged, cementing the market view that benchmark interest rates will remain on hold.
US target overnight rates have held at 5.25 percent for over a year, dampening...
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Dollar see-saws
KARACHI: The dollar weakened slightly against the rupee in inter-bank but in the open market it gained little strength on Friday. The greenback shed 1 paisa in the inter-bank but in the open market it gained 1 paisa. An analyst said demand of the greenback has declined in the inter-bank on Friday...
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India’s June cement sales up 4.6 percent
NEW DELHI: Cement sales in India rose 4.6 percent in June from the same month a year ago to 13.55 million tonnes, a leading industry body said on Friday.
Production rose 5.6 percent to 13.66 million tonnes last month, against 12.94 million tonnes a year earlier, according to provisional figures...
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Oil above $77, IEA sees no let-up in demand
LONDON: Oil rose above $77 a barrel on Friday after the International Energy Agency predicted no let-up in fuel demand next year despite near-record prices.
London Brent, seen as the best indicator of the global market, rose 96 cents to $77.36 a barrel, a new 11-month high, within sight of last...
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Abramovich taps into gold riches
ANADYR: The holding company controlled by Russian businessman Roman Abramovich has bought a sizable goldmine in the Chukotka region where he is governor, his latest injection of cash into the remote, underdeveloped region.
Located 9,000 kilometres northeast of Moscow, across the Bering Straits...
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India to raise raw sugar exports
NEW DELHI: India will step up exports of more profitable raw sugar to refineries in neighbouring countries, a top industry official said on Friday, and aims to grab market share from the likes of Brazil.
“Why should refineries in the Indian Ocean buy raw sugar from far away places like Brazil?”...
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Gold near 5-week high
LONDON: Gold steadied on Friday to trade just below a five-week high, but analysts saw potential for further gains as a recent slump in the dollar and firmer oil attract investment funds into the market. Spot gold was quoted at $667.10/667.70 an ounce, against $667.00/667.80 late in New York on Thursday,...
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EU’s Almunia unfazed by euro’s strength
BRUSSELS: The soaring strength of the euro against other major currencies has had little impact on the economy of the 13-nation eurozone, EU Economic and Monetary Affairs Commissioner Joaquin Almunia said Friday.
“The impact has not been huge,” Almunia told a conference in Brussels as the shared...
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Buyers sidelined on high prices
Staff Report
KARACHI: Trading remained dull at the Karachi cotton market on Friday as most of the buyers avoided taking fresh positions on account of the recent hike in lint prices. The spot rates remained intact at Rs 2,850 per maund while around 4,000 bales changed hands during the trading...
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Malaysia palm oil at 1-month high on soyoil
KUALA LUMPUR: Malaysian crude palm oil futures ended at one-month highs on Friday, after prices of rival soybean oil rose due to lower US government estimates for soybean reserves.
Expectations of better export demand from the food sector spurred a bout of short covering that supported the market.
The...
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European bread prices to rise as wheat soars
LONDON: Britons will soon be spending more on their morning toast and Italians forking out more for their evening spaghetti as wheat markets soar in Europe, stoking fears of food price inflation.
International wheat prices are at their highest for more than 10 years on a mixture of tight supplies...
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Record-breaking spree continues, KSE up 71 points
KARACHI: The Karachi stock market continued its record- breaking spell for the second consecutive day and closed at an all time high 14,202.23 points in the wake of positive expectations on fertiliser and telecom earnings and continuous upward trend of oil prices in the international market, which reached...
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Bulls dominate LSE
LAHORE: Bulls dominated the Lahore stock market on Friday on back of increase in fertiliser prices and news of oil explorations, which forced investors to go for buying, said analysts. Fertiliser and oil sectors were the major contributors of the day. The Lahore Stock Exchange (LSE) 25-share index gained...
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Indian equities hit record high again
MUMBAI: Indian shares hit their eighth lifetime high in 10 days on Friday before ending up 1.20 percent at a record close, led by Reliance Industries as strong global markets and robust foreign inflows boosted sentiment.
The benchmark 30-share BSE index finished up 180.68 points at 15,272.72,...
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Foreign stakes in British shares on the rise
LONDON: Investors outside Britain owned 40 percent of UK shares listed on the London Stock Exchange at the end of 2006, up from 36 percent in 2004, official data showed on Friday. Foreign ownership has risen sharply over the past decade, reflecting the pace of cross-border merger activity and the flotation...
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Futures rise after GE expands share buyback
NEW YORK: The US stock index futures rose on Friday, signaling a higher market open, after General Electric Co increased its stock repurchase plan, adding to investors’ optimism after Thursday’s record session.
GE, the world’s second-largest company by market capitalization, said it had raised...
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European shares rally
LONDON: Europe’s equity markets rallied on Friday, with Frankfurt’s DAX 30 index of top shares hitting a historic record above 8,150 points after Wall Street soared overnight, dealers said.
“Sentiment remains positive after US stocks surged higher,” said analysts at the Sucden brokerage in London....
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FTSE flirts with near 7-year highs
LONDON: Britain’s top share index flirted near seven-year highs on Friday, as M&A; activity in banks and miners boosted an index already buoyed by upbeat US trading overnight.
Barclays was up 0.5 percent as it became the more likely suitor to take over ABN AMRO after the Dutch supreme court ruled...
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Asian stocks soar on Wall Street record
HONG KONG: Asian stocks rallied sharply higher Friday after Wall Street notched-up its strongest daily performance in almost four years for another record finish.
Mergers and upbeat retail figures were behind the two percent surge in New York with Asia tracking the performance. This resulted...
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India’s BSNL to review GSM tender on Monday
NEW DELHI: The board of Indian state-run telecoms firm Bharat Sanchar Nigam Ltd will meet on Monday to review a multi-billion dollar GSM tender, for which Ericsson and Nokia were short- listed, a senior BSNL official said on Friday.
Director of Finance SD Saxena said various options would be...
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IBM talking to Vodafone unit for India outsourcing
BANGALORE: IBM aims to grab more outsourcing deals from Indian telecoms companies and is in talks with the Indian unit of Vodafone Plc, a senior official said on Friday. India is the world’s fastest growing mobile market, adding more than 6 million users a month, and telecoms companies are stepping...
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Comoros crisis delays IMF poverty programme
ANTANANARIVO: Comoros’ latest political crisis is delaying an International Monetary Fund (IMF) poverty reduction programme, which might have led to cancellation of the Indian Ocean archipelago’s enormous debt, the IMF said.
The federal government wants Anjouan, one of three islands in the coup-prone...
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Ford eyes lifting exports to boost profit
MELBOURNE: Ford Motor Co’s loss-making Australian unit said on Friday it is considering boosting exports as one option to become more profitable in the tough Australian market.
“Essentially, we are looking for a new manufacturing strategy that is going to set us up for the future. The alternatives...
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Thai consumer confidence hits 5-yr low in June
BANGKOK: Thailand’s consumer confidence slid to a new five-year low in June amid concern over export growth as the local currency hit a fresh 10-year high against the dollar, researchers said Thursday.
The consumer confidence index slipped to 76.8 points in June from 76.9 points in May, marking...
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GE profit up 9.6%, to exit subprime
BOSTON: General Electric Co posted a 9.6 percent rise in quarterly profit Friday on good results in its commercial finance business and strong demand for products ranging from jet engines to gas turbines.
The company also said it had decided to exit the subprime lending business, where it recorded...
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$3,000 car : Renault talks to India’s Bajaj
MUMBAI: France’s Renault may partner India’s Bajaj Auto Ltd on a proposed plan to make a $3,000 car, the Economic Times newspaper said on Friday. The partnership could be part of ‘a larger alliance’ between the two companies covering commercial vehicles, as well, it said. Initial discussions have already...
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ABN’s LaSalle bid can proceed, Dutch court
THE HAGUE: Dutch bank ABN AMRO can proceed with its sale of US unit LaSalle, the Dutch Supreme Court said, boosting the prospect Barclays will succeed in its near $90 billion takeover bid for ABN.
The ruling will force a consortium led by Royal Bank of Scotland which is also seeking to buy ABN...
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WTO takes up US complaint against EU’s banana duties
GENEVA: The World Trade Organisation (WTO) on Thursday agreed to rule on a US complaint against the European Union’s banana import regime.
The US complaint lodged on June 29 was formally taken up by a meeting of the WTO’s Disputes Settlement Body after the EU did not oppose the move, officials...
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Indonesia asset firm says to sell Bali hotel
JAKARTA: Five mainly overseas investors are interested in buying a luxury hotel in Bali from Indonesian state-owned asset management firm, PT Perusahaan Pengelola Asset (PPA), an official at the firm said on Friday.
The interested investors are from South Korea, Singapore, the Netherlands and...
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Motorola warns Q2 loss, sees no mobile profit in 2007
NEW YORK: Motorola Incorporation warned investors of a second-quarter loss on Wednesday and said it no longer expected its mobile phone business to be profitable this year, blaming weak sales in Asia and Europe.
The warning came at the end of a day when Motorola shares had risen, as much as...
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