Cabinet rejects proposals to ban gas connections for new CNG stations
By Sajid Chaudhry
ISLAMABAD: Special federal cabinet meeting, which approved the natural gas load management plan for winter season 2009-10, has not accepted the proposals submitted by the Ministry of Finance seeking ban on new gas connections for new CNG stations for one-year.
According... 
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Senate body seeks details of major privatised entities
ISLAMABAD: The Senate Standing Committee on privatisation, which met at the parliament house on Friday under the Chairmanship of Senator Adnan Khan, has sought details of the terms and conditions applied to the privatisation of HBL, KESC, PTCL and other major public sector entities.
It directed...
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‘Yarn export hurting textile industry’
KARACHI: Unbridled export of cotton and cotton yarn is adversely affecting the value added apparel export units and if situation persisted it would lead to closure of these units.
“Current situation will render huge number of workers jobless causing mass unemployment and serious law & order situation,”...
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PACCS stuns traders globally
LAHORE: Pakistan has the privilege of being the only country that has placed a state of the art customs reform system in place and has stunned the trade facilitators globally at the sheer magnificence of the system, also known as Pakistan automated customs computerized system (PACCS ), said Muhammad...
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SAARC Energy Conference concludes
Energy cooperation will boost economies
Staff Report
ISLAMABAD: The government has considers energy cooperation among SAARC countries as an important element of the socio-economic development in South Asia.
Federal Minister for Petroleum and Natural Resources, Syed...
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‘Proper utilisation of Rs 40m grant to enhance floriculture sector’
By Razi Syed
KARACHI: The proper utilisation of Rs 40 million grant for agribusiness sector Small and Medium Enterprises (SMEs) approved by Agribusiness Support Fund (ASF) will ensure positive results.
Director ASF Appraisal Committee, Mateen Siddiqui said Friday that most important...
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Expediting Procurement: Paddy growers urge PASSCO for procurement
LAHORE: Paddy growers have urged PASSCO to expedite procurement to support farmers for selling their produce. The President of Basmati Growers Association, Mr. Hamid Malhi and Progressive farmer, Mr. Khawaja Shoiab have appreciated efforts of the Punjab Government to ensure intervention price to the...
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SBP launches new agri financing scheme for NWFP, FATA
Staff Report
KARACHI: The State Bank of Pakistan (SBP) has launched a new Agricultural Loans Refinancing and Guarantee Scheme designed specifically for the affected areas of North West Frontier Province (NWFP) and Federal Administered Tribal Areas (FATA).
The new scheme is designed...
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EDB for increasing competitiveness, improvement in industry
Staff Report
ISLAMABAD: Engineering Development Board (EDB) is striving to achieve competitiveness and efficiency improvement of industry through tariff rationalization.
Other objectives of the EDB is reducing cost of doing business and imports, encouraging local production and...
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Condition of CNIC copy for SIM data correction removed
Staff Report
ISLAMABAD: To facilitate mobile users seeking correction in their SIM data, Pakistan Telecommunication Authority (PTA) has removed the condition of CNIC copy being provided by the consumers.
Presently, extensive monitoring of the "SIM Information System - 668" is being...
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Shipping activity at Port Qasim
KARACHI: Shipping activity remained brisk at the Port Qasim where four ships scheduled to load, offload containers, cement and diesel oil were allotted berths at Qasim international Container terminal, Multi Purpose terminal and Fotco oil terminal respectively on Thursday.
According to a report...
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Wattoo didn’t ask for reduction in car prices, says PAMA
ISLAMABAD: Pakistan Automotive Manufacturers’ Association (PAMA) on Friday denied that Federal Minister for Industry and Production, Mian Manzoor Ahmad Wattoo, directed the association to reduce car prices within 10 days.
A press release issued from PAMA revealed that the association rejecting...
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‘MNCs should invest in CSR for social uplift of country’
ISLAMABAD: Profit maximization for their shareholders should not be the only focus of the operations of multinational companies (MNCs) but they should re-plough some of their profits by increasing investments in corporate social responsibility (CSR) activities for social uplift of the country.
This...
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Moong pulse price reaches record high amid smuggling
By Tanveer Sher
KARACHI: In the wake of unabated smuggling of Moong Pulse, its rates have surged to a record level in the wholesale and retail markets of Karachi pushing the commodity beyond the purchasing powers of general consumers.
Wholesale rates of the commodity in the local...
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KSE falls 176 points on uncertainty over MSCI November review decision
KARACHI: The Karachi stock market witnessed intense selling activities on the last trading day of the week Friday due to limited foreign interest and uncertainty over Morgan Stanley Capital International (MSCI) November review decision on the market.
The Karachi Stock Exchange (KSE) 100-share...
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ISE loses 56.38 points
ISLAMABAD: The Islamabad stock market faced intense selling pressure on Friday as investors preferred to offload their holdings. The ISE 10-share index dropped by 56.38 points to close at 2,069.34 points from its previous level of 2,125.72 points. Of the total 167 participant companies 55 climbed upward...
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LSE sheds 76 points
LAHORE: The Lahore Stock Exchange (LSE) remained bearish on Friday with a very low turnover. The LSE 25-share index lost 75.77 points to close at 2,745.44 points as against its opening at 2,821.21 points. The volume of the market was recorded at 6.92 million shares, which was 2.93 million shares less...
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Indian shares log first weekly gain in 3 weeks
MUMBAI: Indian shares climbed 0.6 percent on Friday and helped post their first weekly rise in three, with banks leading the rebound as investors picked bargains after last month’s fall.
Gains in global stocks after the U.S. Labor Department said initial claims for state unemployment benefit...
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Rupee regains strength versus dollar
KARACHI: The rupee recorded gains versus the dollar in the interbank market, dealers said on Friday.
The dollar commenced the day’s trading at Rs 83.69 for buying, continued to lose grounds and closed at Rs 83.55 for buying and Rs 83.60 for selling. Thus, the rupee incurred a gain of 14 piasas....
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Dollar falls before US jobs data
LONDON: The dollar fell against the euro and yen on Friday as market players grew cautious ahead of US jobs data and as ministers began gathering for a Group of 20 finance meeting, traders said. In London morning trade, the euro rose to $1.4897 from $1.4868 late in New York on Thursday. In London on...
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FTSEurofirst closes higher
FRANKFURT: Banks led European stocks higher on Friday, following quarterly results from Royal Bank of Scotland, while investors also awaited key US employment figures later in the day.
The FTSEurofirst 300 index of top European shares was up 0.2 percent at 992.35 points.
The European...
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European stocks mixed
LONDON: Europe’s main stock markets diverged slightly on Friday ahead of the release of crucial US employment figures and as traders assessed more earnings reports.
London’s FTSE 100 index of top shares climbed 0.18 percent to 5,134.73 points, Frankfurt’s DAX 30 edged up 0.05 percent to 5,483.56...
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Futures slide after jobs data
NEW YORK: US stock index futures pointed to a nearly 1 percent drop at the open on Friday as US unemployment reached a more than 26-year high and topped the psychologically important 10 percent level.
US employers cut a deeper-than-expected 190,000 jobs in October, the government said, and the...
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Asian markets bounce back after US rally
HONG KONG: A rally on Wall Street helped Asian markets rebound at the end of a volatile week on Friday but many dealers remained cautious ahead of key jobs figures in the world’s biggest economy.
Hong Kong added 1.63 percent, Tokyo 0.74 percent and Sydney 1.91 percent as dealers looked at upbeat...
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‘APEC to maintain stimulus until recovery in place’
SINGAPORE: Asia-Pacific Economic Cooperation (APEC) leaders will maintain hefty stimulus packages until they secure a ‘durable’ recovery from the global economic slowdown, according to a draft communique obtained by AFP Friday.
“We will maintain our economic stimulus policies until a durable...
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Oil prices rise above $80 per barrel
LONDON: Oil prices climbed above $80 a barrel on Friday as traders looked ahead to employment data in the United States, the world’s biggest energy consuming nation. New York’s main contract, light sweet crude for delivery in December rose 36 cents to $80.01 a barrel. Brent North Sea crude for December...
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Japan seeks Southeast Asian ties with Mekong summit
TOKYO: Japan from Friday hosted the leaders of Southeast Asia’s five Mekong River nations as the world’s number two economy looks to deepen ties with the resource-rich region amid growing influence from China.
Prime Minister Yukio Hatoyama, who has pushed the concept of an EU-style Asian Community...
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RBS reports sharp loss, expects slow recovery
LONDON: Royal Bank of Scotland reported a net quarterly loss of 1.8 billion pounds on Friday and said it expected a slow recovery, despite massive state support.
The announcement comes just days after the British government increased its stake in RBS to 84 percent, having decided to pump billions...
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‘India to complete EU trade talks in 2010’
NEW DELHI: India hopes to conclude talks for a free-trade agreement with the European Union within a year and work closely with the bloc to reform international financial institutions, Prime Minister Manmohan Singh said on Friday.
In a meeting with visiting European Commission President Jose...
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British Airways to axe more jobs
LONDON: British Airways revealed a quadrupling of net losses in its first half on Friday, and axed an extra 1,200 jobs in an “essential” cost-reduction programme.
BA posted a loss after tax of 217 million pounds (242 million euros, $361 million) during the six months to September 30 compared...
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190,000 jobs lost: US jobless rate hits 10.2 percent
WASHINGTON: The US unemployment rate jumped to 10.2 percent in October as 190,000 jobs were shed, the government said Friday in data highlighting ongoing struggles of an economy emerging from recession.
The Labour Department report, seen as one of the best indicators of economic momentum, showed...
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China’s Africa investments under harsh spotlight
BEIJING: As Chinese firms pour billions of dollars into mining, energy and infrastructure deals in Africa, Beijing is turning a blind eye to rogue regimes that stand to reap the benefits, observers say.
Guinea’s military rulers are the latest on the continent to receive a pledge of a massive...
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Beijing’s growing thirst for African oil
LAGOS: China has dangled a near open cheque book to Africa’s major oil producers in a bid to guarantee supplies for decades to come. It has offered 30 billion dollars to Nigeria and is negotiating for stakes in oil fields in Ghana and Angola and companies that exploit the fields throughout Africa. China’s...
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