AAJ TV News

CNG stations in Lahore, other cities observe strike

2009-11-13T03:56:00+05:00

CNG stations in Lahore and other cities of the province including Gujranwala, Sargodha, Okara and Sahiwal remained closed on Thursday, on the strike call of All Pakistan CNG Association (APCNGA) to protest against the government decision to close the stations for two days in a week under the new gas load management plan. CNG stations in Multan and Bahawalpur will observe strike against the plan on Friday (today).

Energy crisis: no assistance from US so far, NA told

2009-11-13T03:55:00+05:00

Federal Minister for Water and Power Raja Pervaiz Ashraf on Thursday informed National Assembly that the United States has not so far provided any financial assistance to overcome the energy crisis. However, US is planning to provide $125 million assistance for short-term measures in the power sector.

Qadirpur gasfield: Ministry directed to resolve technical, other issues

2009-11-13T03:54:00+05:00

The Federal Cabinet has directed the Ministry of Petroleum and Natural Resources (MoPNR) to take remedial measures to resolve problems, including technical flaws, currently being faced by the Qadirpur gasfield. The gasfield might run dry in early June 2010 if remedial measures were not taken immediately, sources told Business Recorder on Thursday.

NWFP wants five percent additional share from divisible pool

2009-11-13T03:52:00+05:00

The NWFP province has decided to seek 5 percent additional share from the divisible pool to compensate social and economic damages being faced as the front line province in the war against terrorism, sources told Business Recorder on Thursday.

Two new directors nominated on SBP Board

2009-11-13T03:48:00+05:00

Federal government has nominated two new directors, Asad Umar and Waqar A Malik on the Central Board of Directors of State Bank of Pakistan for a period of three years. The government has also re-nominated Zaffar A Khan as Director on the SBP Central Board for a period of three years, from the date of expiry of his previous three-year term.

War on terrorism: PTA suffers Rs 329.88 million loss in NWFP and Fata

2009-11-13T03:47:00+05:00

Pakistan Telecommunication Authority (PTA) has suffered a loss of Rs 329.88 million in NWFP and Federally Administered Tribal Areas (FATA) during the current war on terrorism, as on October 30, 2009. In a written reply, the Minister In-charge of the Cabinet Division informed the National Assembly here on Thursday that total amount of loss suffered by telecommunication networks in NWFP/FATA during the war on terrorism stood at Rs 329.88 million.

Wall Street falls on strong dollar, consumer fears

2009-11-13T03:33:00+05:00

US stocks fell broadly on Thursday as a stronger dollar weighed on commodity-linked shares and a guarded outlook from Wal-Mart Stores Inc led to worries about consumer spending.

Bullion Rates

2009-11-13T03:29:00+05:00

Gold and silver rates in rupees per 10 grams prevailing in major cities on Thursday (November 12, 2009).

Oil prices slump as US crude stocks jump

2009-11-13T02:16:00+05:00

Oil prices tumbled Thursday on a huge jump in US crude inventories indicating weaker demand in the world's biggest energy consuming nation struggling to emerge from prolonged recession.

KSE advised to buy membership cards of defaulting members

2009-11-13T01:45:00+05:00

The Default Committee of Karachi Stock Exchange (KSE) has suggested the management of the exchange to buy five KSE membership cards of default members using members' protection fund, it is learnt. Sources said that the proposal was sent to the management of the exchange recently, as the exchange has received no response for purchase of KSE membership cards despite inviting bids more than one time.

Dollar rises over euro before eurozone data

2009-11-12T23:40:00+05:00

The dollar rose against the euro Thursday as the US Treasury Secretary talked up the need for a strong greenback, but his remarks came ahead of eurozone growth data expected to boost the European single currency.

European stock markets wilt

2009-11-12T23:32:00+05:00

European stock markets wilted Thursday, as investors awaited a key US indicator on Friday, although London managed a small gain on prospects for a merger of British Airways and Iberia of Spain.

Pak foreign reserves stand at $ 14.272bn

2009-11-12T19:38:00+05:00

Pakistan's total liquid foreign reserves stand at dollars 14.272 billion, said statement issued by State Bank of Pakistan here on Thursday.

LSE loses 14.35 points

2009-11-12T19:02:00+05:00

Lahore Stock market witnessed bearish trend on Thursday as LSE-25 Index lost 14.35 points to close at 2718.13 points as compared to 2732.48 points on Wednesday.

Gold up at record Rs 30,214

2009-11-12T18:59:00+05:00

Gold surged by Rs 214 to touch another high at 30,214 per 10 grams in local bullion market Thursday, as its international price also climbed to $ 1,117 an ounce on heavy demand, market sources said.

Asian markets lower as profit-taking sets in

2009-11-12T18:00:00+05:00

Shares fell in Asia on Thursday as dealers moved to lock in profits following four straight days of gains, while upbeat jobs news from Australia was unable to provide a lift.

Oil prices slip as traders eye US energy inventories

2009-11-12T17:26:00+05:00

Oil weakened on Thursday as traders awaited the weekly update on US crude reserves, and mulled the latest assessment of global oil demand from the International Energy Agency.

Oct trade deficit widens to $1.37bn

2009-11-12T15:22:00+05:00

Pakistan's trade deficit widened to $1.37 billion in October compared with $1.98 billion in October last year, the Federal Bureau of Statistics said on Thursday.

Medvedev to set out economic reforms in speech

2009-11-12T10:30:00+05:00

President Dmitry Medvedev was expected to ramp up his drive for economic reform on Thursday when he delivers an annual state of the nation speech with industry still reeling from the economic crisis.

Dollar softer in Asia on higher risk appetite

2009-11-12T09:28:00+05:00

The dollar lost ground in Asian trade on Thursday as investors continued to buy riskier assets due to mounting hopes for a global economic recovery.

If a company fails to follow CCP orders: 10-year jail term for chairman, CEO proposed

2009-11-12T04:20:00+05:00

The Competition (Amendment) Bill, 2009 would empower the Competition Commission of Pakistan (CCP) to give punishment of imprisonment up to 10 years to the chairman and chief executive of a penalised company, who would fail to follow the orders of the Commission.

NA body approves Competition Commission Ordinance

2009-11-12T04:17:00+05:00

The National Assembly standing committee on finance on Wednesday unanimously approved the Competition Commission Ordinance 2007 for presentation before the Parliament. The committee meeting, chaired by Fauzia Wahab, highly appreciated the work of the CCP for taking actions against the cartels, companies involved in deceptive marketing practices and collusive behaviour.

Inter-ministerial meeting on 'sugar crisis' today

2009-11-12T04:15:00+05:00

Minister of Industries and Production Mian Manzoor Ahmed Wattoo has convened an inter-ministerial meeting on "sugar crisis" on Thursday after the Federal and the provincial governments' failure to implement the Supreme Court's decision, well-informed sources told Business Recorder on Wednesday.

Imported sugar sale under study

2009-11-12T04:14:00+05:00

The federal government is planning to sell the imported refined sugar in the open market to overcome the current sugar crisis, sources told Business Recorder on Wednesday. Presently, market is facing massive shortage of sugar as millers have stopped delivery of sugar after the Supreme Court verdict to release commodity stocks at Rs 36 per kilogram.

TCP again trying to favour Dubai-based firm

2009-11-12T04:13:00+05:00

Trading Corporation of Pakistan (Pvt) Ltd (TCP) is at it once again. For all intents and purposes, it appears that the 2009-10 sugar policy, approved by the Cabinet for import of 0.5 million tons raw sugar and another 0.5 million tons white sugar has come as a windfall for the Corporation and its abettors.

Distributors given top priority in FBR enforcement plan

2009-11-12T04:11:00+05:00

The Federal Board of Revenue has given top priority to the distributors of automobiles, consumer goods and manufacturers of other commodities such as cement to check their declarations with the sales tax and income tax departments.

Operations at sales tax departments suspended

2009-11-12T04:08:00+05:00

Operations at the sales tax departments countrywide have almost been suspended since the promulgation of presidential ordinance to harmonise sales tax, income tax and federal excise duty. Sources told Business Recorder on Wednesday that officials from the customs group are reluctant to work with new designations because if they associate with new setup permanently they would not be a part of the parent group, which would condense their working path.

THE RUPEE: dollar inches up

2009-11-12T04:07:00+05:00

The rupee moved both ways in relation to dollar on the currency market on Wednesday, dealers said. On the interbank market the rupee gave up firmness, shedding five paisa at 83.45 and 83.50 for buying and selling in terms of the greenback, they added. In the third Asian trade yen tested higher ground, buoyed by stop-loss buying and eking out gains against the high-yielding Australian dollar after a mixed batch of Chinese economic data.

Index gains 153.78 points

2009-11-12T04:02:00+05:00

Late buying, mainly by local investors, on Wednesday supported the KSE-100 index to register a healthy gain of 153.78 points to close at 8,916.18 points. Despite negative opening and heavy selling of $4.5 million by foreign investors, local investors' interest seemed to be reviving on the back of positive report by Credit Suisse, declining inflation rates in the country, and expectation of cut in interest rates, analysts said.

Equities move both ways on LSE

2009-11-12T04:01:00+05:00

Equities moved both ways on Lahore Stock Exchange on Wednesday and closed in green zone amid ascending transaction volume on account of fresh buying in oil, banking, and cement sectors shares. The LSE-25 index rose to 2732.48 points from 2687.62 points of Tuesday, denoting a gain of 44.86 points.

ISE index surges 45.41 points

2009-11-12T04:00:00+05:00

Equities showed healthy signs under the lead of hot favourite at the Islamabad Stock Exchange (ISE) on Wednesday amid increase in index. ISE-10 Index showed an improvement of 45.41 points from 2,022.6 points to 2,068.01 points. The volume of trade amounted to 921,376 shares as compared to previous turnover of 786,563 shares.

BRIndex30 up 174.43 points

2009-11-12T04:00:00+05:00

On Wednesday, the BRIndex30 opened at 7,564.91 points and after exhibiting positive and negative fluctuations throughout the market time, closed at 7,739.34 points with a positive change of 174.43 points, or 2.31 percent. It experienced intra-day high of 7,758.80 and low of 7,467.63 points.

TCP awards sale of imported wheat tender to Quetta firm

2009-11-12T03:32:00+05:00

The Trading Corporation of Pakistan (TCP) has awarded the tender for sale of imported 0.1 million tons wheat to a Quetta-based party, Allauddin & Company, without taking the Economic Co-ordination Committee (ECC) of the Cabinet into confidence, sources told Business Recorder. "The highest bidder was issued the DO a couple of days ago," confirmed Khizar Hayat, a TCP spokesman.

July-October remittances cross $3 billion

2009-11-12T03:30:00+05:00

Remittances by overseas Pakistanis continued to show rising trend as $3,089.77 million was received in the first four months (July-October) of the current fiscal year 2009-10, showing an increase of $743.78 million or 31.70 percent over the same period of last fiscal year.

NGOs press US government on aid package

2009-11-12T03:27:00+05:00

The $1.5 billion a year US aid package proposed for Pakistan has raised hackles among many US aid groups who worry that channeling big amounts of money through the country's fragile government will backfire. US-based groups with projects in Pakistan have met several times in recent weeks with Obama administration officials to voice concern over the handling of the five-year package, which will be tackled differently from previous aid.

Corruption in PSM: FIA halts investigations

2009-11-12T03:24:00+05:00

The Federal Investigation Agency (FIA) has stopped investigation into corruption cases of Pakistan Steel Mills (PSM) owing to some political reasons. These cases are related to corruption committed during the tenure of the sacked PSM chairman Moen Aftab Sheikh.

Bullion Rates

2009-11-12T03:22:00+05:00

Gold and silver rates in rupees per 10 grams prevailing in major cities on Wednesday (November 11, 2009).

CNG stations strike in Lahore region today

2009-11-12T03:18:00+05:00

As many as 450 CNG stations in provincial metropolis, Sargodha, Gujrawala, Okara, and Sahiwal will remain closed till 12 pm today to protest against gas load-management plan of the government during winter and proposed raise in gas tariff from next year. Ghiyas Abdullah Paracha Chairman All Pakistan CNG Association told business Recorder on Wednesday.

Oil demand may not reach pre-crisis level: Opec

2009-11-12T03:17:00+05:00

Opec has raised its forecast for world oil demand growth slightly but says fuel consumption may not return to levels seen before the global economic slowdown, even if growth recovers. The Organisation of the Petroleum Exporting Countries' monthly report on Wednesday raised its estimate for 2010 oil demand growth to 750,000 barrels per day (bpd) compared with its projection of 700,000 last month.

Market climbs on homebuilder forecast, China data

2009-11-12T02:42:00+05:00

The Standard & Poor's 500 index closed at a fresh 13-month high on Wednesday as an upbeat forecast from a top homebuilder and data from China pointed to a strengthening global economy.

Oil prices rise on China growth optimism

2009-11-12T02:23:00+05:00

Oil prices climbed Wednesday on China's strengthening economy, which underscored increasing petroleum demand as the world recovers from recession.

UN agency for global fast against hunger

2009-11-12T00:16:00+05:00

The head of a UN food agency called on people around the world Wednesday to join him in a day of fasting to highlight the plight of undernourished people, whose ranks have surged past 1 billion in the global economic crisis. Jacques Diouf, director-general of the Food and Agriculture Organisation, said he hoped the move would encourage action by world leaders who will take part in a three-day food summit at the agency's headquarters starting Monday.

Euro slides against the dollar

2009-11-11T23:28:00+05:00

The euro fell against the dollar Wednesday in the face of late-session profit-taking that halted earlier gains prompted by positive economic news from China on a day when gold shot to a record high.

European stocks rally, London hits 2009 peak

2009-11-11T23:25:00+05:00

European stock markets rallied on Wednesday, with London striking a high for 2009, as investors traded on upbeat company earnings and expectations that interest rates will remain low.

Govt bond yields

2009-11-11T20:20:00+05:00

The cut-off yield on Pakistan's benchmark 10-year investment bond eased to 12.4406 percent at an auction on Wednesday from 12.50 percent on Sept. 2, the State Bank of Pakistan said.

Gold climbs to new peak at Rs 30,000

2009-11-11T19:35:00+05:00

Gold jumped by Rs 343 to reach new high at 30,000 per 10 grams in local bullion market Wednesday, as its international price also surged to all time high at $ 1,116 an ounce, market sources said.

Asian markets edge higher as dealers ignore upbeat data

2009-11-11T18:01:00+05:00

Investors shrugged off strong economic data from China and Japan on Wednesday as Asian markets finished the day marginally higher, with profit-takers moving in after three straight days of gains.

Pakistan seen meeting fiscal target in H1: Salim Raza

2009-11-11T10:28:00+05:00

Pakistan's government should meet its fiscal deficit target in the first six months of the 2009/10 fiscal year despite a slippage in the first quarter, the governor State Bank of Pakistan (SBP) said late on Tuesday.

Rising inflation threat seen in South Asia

2009-11-11T10:22:00+05:00

Rising inflation is posing a threat to South Asia, with the situation most worrying in the Maldives where a foreign currency black market has emerged, a senior World Bank economist has warned.

CCP seeks Parliament's approval

2009-11-11T04:44:00+05:00

The Chairman of Competition Commission of Pakistan (CCP), Khalid Mirza, has urged the government to get the Competition Commission Ordinance 2007 validated from the Parliament, or it would be disastrous for the economy and a conspiracy against the general public.

Notices issued to five fertiliser companies

2009-11-11T04:42:00+05:00

Chairman Competition Commission of Pakistan Khalid Mirza has said that the CCP has issued show cause notices to five leading fertiliser companies for, prima facie, linking sale of Urea with other fertilisers like Diammonium Phosphates (DAP) or its substitutes.

PML-N wants CCP Ordinance revised

2009-11-11T04:40:00+05:00

PML-N on Tuesday said it wants some amendments to the Competition Commission Ordinance 2007 and discuss it with the National Assembly's Standing Committee on Finance to revamp the existing law. PML-N leader Khawaja Muhammad Asif said his party did not completely oppose the Ordinance but wants some amendments in it.

Fear of litigation: FBR proposal on RPPs put on ice

2009-11-11T04:38:00+05:00

The federal has reportedly put on ice a controversial Federal Board of Revenue (FBR) proposal extending additional concessions to power projects including the rental power projects (RPPs), fearing litigation, sources in the Ministry of Industries and Production (MoIP) told Business Recorder.

FBR must take strict steps against fresh registration

2009-11-11T04:37:00+05:00

The Federal Board of Revenue (FBR) has to take strict enforcement measures to check sales tax registration of blacklisted companies, which try to obtain fresh registration with different particulars under the jurisdiction of other Regional Tax Offices (RTOs).

Wheat prices surge by Rs 60 per 100kg bag

2009-11-11T04:36:00+05:00

After sugar, wheat crisis is looming as despite a bumper crop and massive stocks, wheat grain prices in the domestic market have shot up by Rs 60 per 100 kg due to transport shortage, traders said on Tuesday. At present, a large number of inter-city transport is being used for sacrificial animals from interior Sindh and Punjab to Karachi. Therefore, wheat movement across the country has been slightly affected, they said.

100,000 farmers: FAO, EU to provide seeds, fertilisers

2009-11-11T04:35:00+05:00

The UN Food and Agriculture Organisation (FAO) and the European Union (EU) have partnered to provide seeds and fertilisers to almost 100,000 farmers in rural areas who were hit by the surge in food prices last year. According to FAO, an additional 10 million Pakistanis were pushed into hunger as a result of the rise in food prices, bringing the total number in the South Asian nation to an estimated 46 million, or 28 percent of the population.

SSGCL to re-tender LPG Air Mix plants on November 13

2009-11-11T04:20:00+05:00

Sui Southern Gas Company Limited (SSGCL) has decided to re-tender liquefied petroleum gas (LPG) Air Mix plants on November 13, implying that the tender from the US has been scrapped. The projects are to be installed at Surab and Noshki in Balochistan province. The total cost of LPG Air Mix project is Rs 380 million at Surab and Rs 552 million at Noshki.

Procurement of wheat: SBP removes conditions for financing banks

2009-11-11T04:19:00+05:00

The State Bank of Pakistan (SBP) has withdrawn with immediate effect conditions placed on commercial banks for providing financing facilities to the private sector with regard to the procurement of wheat. Sources said the country was expecting a bumper wheat crop in the next season, therefore, the SBP had withdrawn this condition to stabilise the prices of the commodity.

SBP chief says economy growing, no need for aid

2009-11-11T04:18:00+05:00

Pakistan will not need additional financial aid, despite hefty costs of fighting insurgents, as the economy is out of the woods with growth seen around 3 percent this fiscal year, its central bank governor said. The International Monetary Fund bailed out Pakistan in 2008 to avert a balance of payment crisis as its economic performance was hit by imbalances and political and security uncertainties.

THE RUPEE: dollar turns lower

2009-11-11T04:12:00+05:00

The rupee managed to recover sharply against dollar despite the strong demand for the US currency on Tuesday, dealers said. On the interbank market the rupee gained 14 paisa versus the greenback for buying at 83.40 and it also gained 24 paisa for selling at 83.45, analysts said. In the first Asian trade dollar fell after a G20 meeting and US unemployment data did little to alter the view that US rates would stay low for a while, supporting shares and the Australian and New Zealand dollars.

Germany to provide investment guarantees

2009-11-11T04:11:00+05:00

The German government has decided to provide guarantee to its investors, willing to invest in Pakistan, said Joachim Steffens head of German International Investment and Finance Division and Debt Rescheduling. Addressing a press conference along with State Minister for the Board of Investment, Saleem Mandviwalla here on Tuesday, Steffens said German investors are eager to invest in Pakistan's agriculture, energy and textile sectors.

CNG stations in six Punjab districts remain closed

2009-11-11T04:08:00+05:00

CNG stations in six districts, including Rawalpindi and Islamabad, remained closed on Tuesday in protest against the government's proposed gas load management programme for winter. The strike is being observed on the appeal of Punjab and NWFP chapter of CNG stations association for one day in Jehlum, Attock, Chakwal, Rawalpindi and Islamabad against stopping gas supply to CNG stations for two days in a week.

Three loan pacts for $380 million signed with Saudi Arabia

2009-11-11T04:05:00+05:00

Saudi Arabia has pledged to extend assistance amounting to $380 million to Pakistan for budgetary support, import of urea and co-financing for Neelum Jhelum Hydropower Project. The two countries on Tuesday signed three loan agreements in this regard.

CNG stations strike in Lahore on November 12

2009-11-11T04:04:00+05:00

CNG stations in Lahore, Sargodha and Khushab will observe strike on November 12 to protest against gas load-management plan of the government during winter and proposed raise in gas tariff from next year. Ghiyas Abdullah Paracha Chairman All Pakistan CNG Association said talking with APP by phone Tuesday.

KSE index down 174.08 points

2009-11-11T04:03:00+05:00

Bearish trend was observed at the Karachi share market on Tuesday due to investors' concerns over prevailing political and law and order situation in the country, as a result of which KSE-100 index declined by 174.08 points to close at 8,762.40 points.

LSE index loses 57.82 points

2009-11-11T04:02:00+05:00

Bearish trend prevailed at Lahore Stock Exchange on Tuesday and the equities registered losses amid selling pressure in banking, oil sectors and other blue chips while most of the investors remained on the sidelines.

BRIndex30 sheds 176.82 points

2009-11-11T04:02:00+05:00

On Tuesday, the BRIndex30 opened at 7,741.73 points, and closed at 7,564.91 brought back, points with a net negative change of -176.82 points and percentage change of -2.28. It experienced intra-day high of 7,741.73 and low of 7,531.19 points. The volume of BRIndex30 was 57,005,437 shares, which was 73.11 percent of KSE All Share and 96.97 percent of KSE-100.

World Bank forecasts 2010 oil price of $75.29/bbl

2009-11-11T03:52:00+05:00

The World Bank forecast an average oil price of $75.29 per barrel in 2010 in a presentation released on Tuesday, saying it did not expect a return next year to price levels seen before the economic crisis. The bank did not specify the type of oil to which it was referring in the presentation on the Russian economy. US crude prices fell on Tuesday to $79 a barrel as a late-season hurricane subsided in the Gulf of Mexico and traders awaited key US inventory data.

Fed officials cautious on US economic recovery

2009-11-11T03:50:00+05:00

Federal Reserve officials on Tuesday struck a cautious note on the US economy, citing high unemployment, heavy reliance on government support and commercial real estate woes as hurdles to recovery. Speaking less than a week after the Fed left interest rates unchanged at near zero, a trio of top officials - San Francisco Federal Reserve Bank President Janet Yellen, Atlanta Fed chief Dennis Lockhart and Boston Fed President Eric Rosengren - said the economy was still vulnerable.

Bullion Rates

2009-11-11T03:48:00+05:00

Gold and silver rates in rupees per 10 grams prevailing in major cities on Tuesday (November 10, 2009).

Wall Street rally stalls but Dow ekes out gain

2009-11-11T03:00:00+05:00

U.S stocks closed mostly lower on Tuesday as differing views on whether the market can build on recent gains stalled the S&P 500's six-day winning streak.

New Delhi decides to renegotiate with 77 states

2009-11-11T00:54:00+05:00

To bring back trillions of dollars of Indian nationals stashed in other countries as black money, especially in Swiss banks, New Delhi has decided to renegotiate with all 77 countries with which it has double tax avoidance treaties.

Market rally ends in Europe

2009-11-10T23:40:00+05:00

European and US stock markets paused for breath and turned generally weaker Tuesday, after healthy gains a day earlier, with auto giant Volkswagen plunging 8.0 percent on a big share sale by Qatar.

Euro dips after disappointing German data

2009-11-10T23:30:00+05:00

The European single currency lost ground against the dollar on Tuesday after a closely-watched survey showed sentiment among German investors dipped slightly in November.

Gold at another historic high

2009-11-10T19:58:00+05:00

Gold prices on Tuesday went up by Rs 100 to another historic high of Rs 34,600 per tola on the local market following a surge in its global price to over 1,100 dollar an ounce. Similarly, price of gold 10-gram reached another peak of Rs 29,657 from Rs 29,575. On the global market, gold price was quoted for 1,101 dollar an ounce, according to traders.

IEA report sees oil price at 100 dollars in 2020

2009-11-10T15:47:00+05:00

The International Energy Agency forecast on Tuesday that the oil price would be 100 dollars a barrel in 2020 and 115 dollars in 2030, saying oil demand would rise by one percent per year.

SBP buys 19.6bn rupees of T-bills

2009-11-10T11:22:00+05:00

The State Bank of Pakistan (SBP) bought back 19.6 billion rupees ($235 million) of treasury bills on Tuesday under 4-day reverse-repo contracts at 12.17 percent to inject liquidity into a tight money market.

World oil supply estimates distorted: report

2009-11-10T10:43:00+05:00

The world is much closer to running out of oil than official estimates admit, but the International Energy Agency is underplaying a looming shortage for fear of sparking panic buying, a report said on Monday.

Dow hits 2009 high in rally on bigger risk appetite

2009-11-10T04:49:00+05:00

A broad US stocks rally sent the Dow industrials to a 13-month high on Monday, after the Group of 20 pledged to keep aid flowing to the world economy, strengthening investors' desire for risk.

Multi-million euro polyethylene project in doubt

2009-11-10T04:42:00+05:00

The future of a multi-million euro polyethylene project proposed to be established at Port Qasim is in doubt as the new Secretary of Industries and Production, Abdul Ghaffar Soomro, is reportedly seeking justification of incentives given in the past and another year's extension for financial close date, sources told exclusively to Business Recorder.

FBR sets over ambitious targets

2009-11-10T04:41:00+05:00

The Federal Board of Revenue (FBR) has assigned over-ambitious targets to Regional Tax Offices (RTOs) Karachi, Lahore and Islamabad to register 13,500, 10,800 and 10,800 new taxpayers respectively during 2009-10. Sources told Business Recorder here on Monday that the FBR has issued instructions to the Directors-General of RTOs following the directive of the Revenue Advisory Council headed by Dr Hafiz Pasha to broaden the tax base during the current fiscal.

FBR considering changing RTO's jurisdiction

2009-11-10T04:40:00+05:00

The Federal Board of Revenue (FBR) is planning to make suitable amendments in the jurisdiction of Regional Tax Offices (RTOs) to start assertive monitoring of the Capital Value Tax (CVT). Sources told Business Recorder on Monday that the issue was picked up on the recommendation of the Director General, Intelligence and Investigation.

Saudi Arabia announces $380 million loan for Pakistan

2009-11-10T04:39:00+05:00

Saudi Arabia announced on Monday that it would give $380 million loan to Pakistan. According to a private TV channel, the agreement between Economic Affairs Division and Saudi Fund will be signed on Tuesday (today). $200 million will be spent to cover budget deficit whereas $100 million will be spent to buy urea for coming crops.

Progas sued for recovery of over Rs 1.399 billion

2009-11-10T04:38:00+05:00

Progas Pakistan Limited, an LPG marketing company based in Karachi, is being sued by 10 financial institutions for recovery of about Rs 1.4 billion in addition to damages, according to court documents available with Business Recorder. These financial institutions have prayed the court to order forced sale of the company's assets and shares.

Sugar financing retirement: SBP takes action against banks

2009-11-10T04:37:00+05:00

The State Bank of Pakistan has issued show-cause notices to those banks and DFIs which have failed to recover sugar financing dues on time from millers, sources in banking industry told Business Recorder on Monday. They said that despite SBP's clear-cut instructions to banks and DFIs regarding sugar advances recovery, some institutions did not recover the outstanding amounts of sugar financing on time.

External accounts position improving: Finance Ministry informs ECC

2009-11-10T04:32:00+05:00

The Finance Ministry has informed the Economic Co-ordination Committee (ECC) of the Cabinet that the external accounts position of Pakistan has been continuously improving but prospect for the balance of payments hinges significantly on the magnitude and timing of external inflows as well as the outlook for international oil and commodity prices during the current financial year 2009-10.

New APTA may allow Afghan vehicles to lift cargo

2009-11-10T04:27:00+05:00

The new Afghanistan-Pakistan Transit Agreement (APTA) is likely to allow entry of Afghan vehicles for transporting transit trade cargo from Karachi, which would strongly hurt Pakistan's commercial transport industry.

Russian bomb physicist dies at 93

2009-11-10T04:23:00+05:00

Nobel Physics prize winner Vitaly Ginzburg, who helped develop the Soviet hydrogen bomb, has died at the age of 93, the Russian Academy of Sciences said Monday. Ginzburg said the bomb "saved" his life during an anti-Jewish campaign. But he had drawn controversy in recent years with fierce public criticism of the Russian Orthodox Church, which has enjoyed surging popularity and political influence since the fall of the atheist Communist regime.

CNG dealers observe token strike today

2009-11-10T04:21:00+05:00

All Pakistan CNG Association has announced 24 hours token strike in Islamabad, Rawalpindi, Attock, Jhelum and Gujjar Khan on Tuesday to press for their demands. Accordingly, all the CNG refilling stations would remain closed from 0000 hours Monday night to 0000 hours Tuesday night.

Oil prices up on hurricane threat, dollar weakness

2009-11-10T02:49:00+05:00

Oil prices rebounded Monday on dollar weakness and concerns over Hurricane Ida's potential damage to petroleum installations in the Gulf of Mexico despite being downgraded to a tropical storm.

European markets surge on stimulus news

2009-11-10T00:48:00+05:00

European stock markets recorded strong gains Monday on prospects for continued stimulus measures to underpin economic recovery in leading world economies.

WTO chief slams weak global governance 20 years after Wall

2009-11-10T00:32:00+05:00

Twenty years after the Berlin Wall fell, World Trade Organisation chief Pascal Lamy called on Monday for world governance to be strengthened around the G20, international organisations and the UN.

Prices take shine off Pakistan weddings

2009-11-09T19:52:00+05:00

Pakistan's traditionally lavish weddings have lost their sparkle this matrimonial season thanks to rising prices of gold and festive essentials in a limping economy.

Gold price closes high in International Market

2009-11-09T18:17:00+05:00

Gold prices in the International Market hit the highest level of $1,186 per ounce with an increase of 10 dollars per ounce due to decrease in dollar's value.

Asian markets higher after Wall Street shrugs off jobs data

2009-11-09T17:23:00+05:00

Asian markets rose Monday after slim gains on Wall Street at the end of last week, with G20 finance ministers agreeing at the weekend to keep stimulus measures in place despite signs of global recovery.

Hong Kong gold closes at new record high

2009-11-09T12:08:00+05:00

Hong Kong gold prices closed at a record high on Monday at 1,107.50-1,108.50 US dollars an ounce, after the precious metal climbed above 1,100 dollars for the first time in London Friday.

Dollar weighed down in Asian trade

2009-11-09T10:08:00+05:00

The dollar was under pressure in Asian trade on Monday as investors focused on US and Chinese data for fresh leads on the outlook for the global economy, dealers said.

Imports/exports input tax credits be restricted

2009-11-09T04:12:00+05:00

The World Bank (WB) has recommended to the Federal Board Revenue (FBR) to restrict imports, exports and input tax credits only to registered taxpayers whose names are available on the 'List of Active Taxpayers'.

Petroleum ministry proposes mechanism to subsidise prices

2009-11-09T04:11:00+05:00

The government will have to pay Rs 22.3 million subsidy per annum on one outlet of E-10 ethanol-blended gasoline to encourage its use in vehicles and make its price competitive compared to petrol, Business Recorder has learnt.

PSQCA to make adjustments in national regulatory framework

2009-11-09T04:10:00+05:00

The Pakistan Standards and Quality Control Authority (PSQCA) would make required adjustments in national regulatory framework to meet the demands and draw benefits from International Organisation for Standardisation - ISO 26000.Pakistan was invited to the three-day regional 'ISO Social Responsibility (SR) workshop' held in Astana, Kazakhstan, from November 2 to 4 which made expositions for the National Standards Body - PSQCA- to further understand and analyse as to how best this standard would contribute to sustainable development.