CBR surpasses tax collection target by 11.5%
By Sajid Chaudhry
ISLAMABAD: The Central Board of Revenue (CBR) has surpassed the revised revenue target of Rs 264.1 billion assigned for July-October period of the current fiscal year, indicating a cumulative growth of 11.5 percent.
According to an official announcement made... 
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India to be invited to TAP gas pipeline project talks
* Pakistan, India to share 3.2 billion cfg imported from Turkmenistan
Staff Report
ISLAMABAD: India will be formally invited to join the talks as fourth stakeholder of Turkmenistan-Afghanistan-Pakistan gas pipeline project likely to be held here in December.
A high level...
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PTCL activates voice mail for customers
ISLAMABAD: Continuing Pakistan Telecommunication Company Limited (PTCL) has activated around 350,000 Mailboxes for its landline subscribers nationwide. A company press release said that the facility has been provided to top bill paying valued customers. The service allows call transfer on busy and...
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SBP managing broad money growth well
By Mushfiq Ahmad
KARACHI: The State Bank of Pakistan (SBP) has managed to control the broad money growth through further tightening of monetary policy this year, as it grew by only 1.68 percent between July 1 and October 20 compared to 2.02 percent growth recorded in the same period last...
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SBP extends inter-bank settlement timings
Staff Report
KARACHI: The State Bank of Pakistan (SBP) has decided to extend inter-bank settlement timings at SBP’s Banking Services Corporation, Karachi to 3:30 pm from Monday to Friday and to 1:30 pm on Saturday.
The central bank said it has taken this decision to further facilitate...
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Hubco’s PAT declines 19 percent
KARACHI: Hub Power Company (HUBCO) Limited has reported 19 percent decline in its profit after tax (pat) to Rs 607.12 million during July-September period of the current fiscal over Rs 722.23 million in the corresponding period of last year.
The earnings per share (eps), both diluted and basic...
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Exports of traditional items down during Q1 2007
By Tanveer Ahmed
KARACHI: Pakistan’s exports of traditional items declined by about 5.4 percent during the first quarter of current fiscal year as compared to the corresponding period of last year due to lack of proper policy.
Exporters of traditional items attribute these sectors...
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University-industry linkage stressed: ‘Pak can benefit from biotechnology’
LAHORE: Biotechnology offers tremendous benefits to Pakistan but in order to benefit from its true potential, the government and all key stakeholders involved in commercial activity will have to strengthen university-industry linkage by acting responsibly and in unison.
This was the central idea...
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Int’l SME & Microfinance Conference on Nov 17-18
KARACHI: Pakistan’s first international conference on Small and Medium Enterprises (SME) and Microfinance with a special emphasis on ‘Rural and Urban Outreach Initiatives & Challenges’ will be held here on November 17-18, 2007.
The two-day event, organized by Shamrock Conferences will be attended...
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Duty on digital camera reduced
ISLAMABAD: The Central Board of Revenue (FBR) on Wednesday reduced the customs duty on the import of digital camera to 5 percent. The import of digital camera on this concessional rate would not be subject to any condition at import stage.
S.R.O.1061(I)/2007 issued here stated that in exercise...
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Centre asked to decide tariff for coal fuel
KARACHI: Sindh Minister for Mines and Mineral Irfan Ullah Marwat has asked the federal government to address the issue of upfront tariff structure immediately and decide appropriate tariff for the independent coal-based power producers.
Addressing at the concluding session of two-day International...
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No threat of bird flu detected
LAHORE: There is no threat of bird flu in the coming days and the chicken production is significant in the country.
This was stated by Pakistan Poultry Association (Punjab Zone) Chairman Shahid Mehmood Dar on Wednesday.
He said the international poultry congress and exhibition to be held...
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NPIW lines 41,459 watercourses
ISLAMABAD: National Programme for Improvement of Watercourses (NPIW) has lined a total of 41,459 watercourses, surpassing its target of lining 38,200 watercourses by 8.5 percent.
While chairing a meeting here Wednesday to review progress of NPIW, Federal Minister for Industries Jahangir Tareen...
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‘Policy makers routinely ingore stakeholders’
By Ijaz Kakakhel
ISLAMABAD: Agriculture related policies are made by arranging meeting and seminars in five stars hotels while stakeholders are totally ignored in this process.
Participants at a workshop on “National Agriculture Sector Strategy (NASS)” stated this on Wednesday.
The...
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British banks lose test case on credit cards
LONDON: British banks suffered a landmark defeat on Wednesday in their legal bid to scrap protection for consumers shopping abroad on their credit cards.
Credit card providers lost an appeal in the House of Lords against a ruling that gives consumers using cards abroad or ordering goods from...
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Oil hits $91 ahead of Fed decision
LONDON: Oil bounced off early lows to over $91 a barrel on Wednesday as the market awaited a key rate decision in the US and data on crude inventories there. There was uncertainty over how aggressive the US Federal Reserve will be in cutting rates to fuel economic growth, although the dollar’s drop...
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India plans to limit wheat imports
NEW DELHI: India, the world’s No 2 wheat importer, plans to limit its purchases at 2.3 million tonnes this year because of comfortable stocks, a senior Food Ministry official said on Wednesday.
Farm Minister Sharad Pawar had earlier said the country would import around five million tonnes in...
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Fed seen cutting key US rate by quarter point
WASHINGTON: The US Federal Reserve is expected to lower benchmark borrowing costs modestly on Wednesday as an additional bulwark against the risk a housing slump and tighter credit drag down the rest of the economy.
Fed officials, who will announce their decision have offered few clues on their...
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Dollar slips against euro
NEW YORK: The dollar slipped against the euro and a basket of major currencies on Wednesday, as investors shrugged off a mostly strong batch of US data and focused on a Federal Reserve meeting expected to end in an interest rate cut.
The dollar had gained after a stronger-than expected US private-sector...
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— strengthens against rupee
KARACHI: The dollar gained strength in the interbank and in the open market against the rupee on Wednesday. In the interbank, the dollar gained three paisas against the local currency. The dollar closed at Rs 60.71 for buying and Rs 60.76 for selling, as compared with the buying rate of Rs 60.68 in...
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Gold creeps up, copper slips
TOKYO: Gold inched up, supported by a slumping dollar and strong demand from investment funds, but the market was nervous ahead of a decision by the US Federal Reserve on interest rates.
Gold rose to $783.40/784.20 an ounce from $781.25/781.85 late in New York on Tuesday. Cash gold fell as far...
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KCA spot rates up by Rs 25/maund
KARACHI: Trading activity remained firm at the Karachi cotton market on Wednesday as around 15,000 bales changed hands during the trading session while the spot rates further increased.
The Karachi Cotton Association (KCA) revised the spot rates further upward by Rs 25 per maund to Rs 3,025 per...
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Money — its move towards a virtual commodity
By Johnny Acton & Sean O’Grady
In the third and the final part of the story of money series we discuss the modernisation of currency and the shapes that it is expected to take in the future.
Credit cards, debit cards and cheques
Not so long ago, it was relatively difficult...
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Local markets recover on brisk trading in major sectors
kse gains 291 pts
KARACHI: The share market rebounded on Wednesday due to handsome trading activities in major sectors specifically banking scrips.
The KSE-100 index gained 291.62 points or 2.08 percent to close at 14,319.42 points from the previous trading session’s close at 14,027.80...
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Indian share prices up 0.28% in choppy trade
MUMBAI: Indian share prices closed up 0.28 percent on Wednesday in choppy trade, as investors bought selectively amid the quarterly earnings season, dealers said. They said funds chose not to build up big positions as they await a US Federal Reserve decision on interest rates. The benchmark 30-share...
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Indonesian bourses’ merger approved
JAKARTA: Shareholders of Indonesia’s Jakarta and Surabaya exchanges have approved a plan to merge the two bourses, a move aimed at revamping the country’s capital market.
The merged exchange, the Indonesia Stock Exchange, with around 400 listed companies, is expected to develop a broader range...
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European stocks up on banks
PARIS: European stocks were mostly higher rose by midday on Wednesday, as a lack of negative surprises in Deutsche Bank’s results pleased investors and sent banking stocks higher. But with the US Federal Reserve widely expected to unveil a rate cut after European markets close, investors remained cautious....
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Asian scrips up ahead of US rate decision
HONG KONG: Asian stocks closed mostly higher on Wednesday with the South Korean and Malaysian stock markets hitting records as investors waited to see if the US central bank would cut interest rates.
Share prices in Seoul rose 0.6 percent to their second record close this week, while Malaysian...
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US stock index futures higher
FRANKFURT: The US stock index futures were higher before Wall Street’s opening on Wednesday in the run-up to the Federal Reserve’s monetary policy announcement, the highlight of which is expected to be a cut in interest rates. The benchmark S&P 500 index rose as much as 6.7 percent in the three weeks...
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Private equity firms innovate in India
* Most top global private equity firms have set up offices in India and have stepped up the pace of deal-making recently
NEW DELHI: A predominance of family-owned companies and a booming Indian stock market are posing challenges for private equity firms, who are finding new ways to invest...
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US world’s most competitive economy: WEF
GENEVA: The United States is the world’s most competitive economy, with top universities and innovative businesses that eclipse concerns over its fiscal health, the World Economic Forum (WEF) said on Wednesday. In its 2007 global competitiveness index, the Swiss-based Forum said the sheer size of the...
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Israel freezes electricity cuts: Gaza economy in ruins
GAZA CITY: The economy of the Hamas-run Gaza Strip lies in ruins, haemorrhaging tens of million of dollars and clocking up record redundancies, experts said as Israel froze power cuts to the territory.
With imports limited to essential humanitarian supplies, Gaza has not exported industrial produce...
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EU presses ex-colonies for trade deals
BRUSSELS: The European Union has increased pressure on ex-colonies in Africa, the Pacific and Caribbean to strike new trade deals with the bloc, two months before a deadline to scrap preferential terms.
The EU hopes to sign the new deals before Dec. 31, expiry date for a waiver from the World...
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Economic confidence dips
BRUSSELS: Confidence in the European economy worsened more than expected in October amid growing signs a recovery is losing pace, a European Union survey released Wednesday showed. The European Commission’s eurozone economic sentiment indicator retreated in October to 105.9 points in the single currency...
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China to build first ever industrial zone in Egypt
CAIRO: China is to build its first ever foreign industrial zone in Egypt in a project that is expected to draw 2.5 billion dollars in investment, Egypt’s Trade and Industry minister said Wednesday. The five-square-kilometre (two-square-mile) Chinese Egyptian Zone for Cooperation and Trade will be built...
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German retail sales data points to solid Q3 growth
BERLIN: German retail sales rose much more than expected in September, supported by a jump in clothing turnover, data showed on Wednesday, suggesting households made a solid contribution to GDP growth in the third quarter.
Sales rose 2.3 percent in September from the previous month, the Federal...
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Thai current a/c surplus surges
BANGKOK: Thailand’s current account surplus in September more than doubled from a year earlier as exports expanded sharply, the central bank
said Wednesday.
The surplus in the current account, the broadest measure of trade in goods and services, reached $1.8 billion, up from $840 million...
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BP Indonesia signs $884m loan deal
JAKARTA: BP Indonesia signed an 884-million-dollar loan agreement with six international financial institutions for funds to finance the Tangguh liquefied natural gas (LNG) project, an official said Wednesday.
The massive project is expected to provide employment to more than 6,000 workers and...
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Japan hails free trade deal with Thailand
TOKYO: Japan on Wednesday hailed a free trade deal with Bangkok, a day before the pact is due to go into effect despite protests in Thailand including a wildcat strike by train drivers.
Thailand’s Foreign Minister Nitya Pibulsonggram held talks in Tokyo with his Japanese counterpart Masahiko...
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Deals of the day:
The following bids, mergers, acquisitions and disposals involving European, US and Asian companies were reported on Wednesday.
* Spanish insurer Mapfre SA said it agreed to buy The Commerce Group Inc for $2.21 billion as an expansion in the U.S. insurance market.
* Metal Management...
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Don’t bet on China rescue if US economy tanks
BEIJING: If the United States slides into recession, don’t count on China to save the world.
The fastest-growing major economy for two decades straight, China looks resilient enough to withstand a serious US slowdown and still expand at close to 10 percent a year.
Yet that would be a...
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