Business Recorder articles from December 2011, page 4

Business Recorder archives from December 2011

Ibad completes nine years of governorship.
December 30, 2011... Dr Ishrat-ul-Ebad Khan has completed nine years as the Governor of Sindh. This was stated by an official of the Governor House here on Thursday. He said that Dr Ishrat-Ul-Ebad Khan took oath of office on December 27, 2002 as the Governor of...

MQM always supported oppressed people: Altaf.
December 30, 2011... Byline: RECORDER REPORT Muttahida Qaumi Movement (MQM) chief Altaf Hussain has said that MQM has always espoused the cause of truth and supported the oppressed people in the country including Fata. He said this while talking to MNA from Fata...

Hazara, Southern Punjab provinces: MQM submits resolution to National Assembly Secretariat.
December 30, 2011... Byline: RECORDER REPORT Muttahida Qaumi Movement (MQM) on Thursday submitted a resolution in the National Assembly Secretariat for making Hazara a separate province and carving out two provinces out of southern Punjab. The resolution was...

Javed Hashmi resigns as MNA amid thundering applause.
December 30, 2011... Byline: RECORDER REPORT Veteran politician and former senior vice president Pakistan Muslim League-Nawaz (PML-N) Makhdoom Javed Hashmi on Thursday tendered his resignation as member National Assembly amid thundering applause by both treasury...

Cop among six killed in an encounter.
December 30, 2011... As many as six people including one police officer and four criminals of inter-provincial abductors gang were killed in encounter, here on Thursday morning. Talking to newsmen, Sub Divisional Police officer DSP Raja Taifoor Akhter said that an...

PML-N stages walkout from National Assembly against gas and power loadshedding.
December 30, 2011... Byline: RECORDER REPORT Pakistan Muslim League-Nawaz (PML-N) on Thursday staged walkout from the National Assembly against the severe electricity and gas load shedding in the country. Opposition leader in the National Assembly Chaudhry Nisar...

MPs' glowing tributes to Hashmi and daughter.
December 30, 2011... Makhdoom Javed Hashmi received a glowing tribute from the parliamentarians on Thursday when he walked out of the House along with his daughter, Memona Hashmi, after submitting his resignation at the conclusion of his speech against the system...

Three LG officers suspended.
December 30, 2011... Byline: RECORDER REPORT With the approval of Minister Local Government Agha Siraj Khan Durrani, the Secretary Local Government has placed three officers of BS-18 and BS-17 Anwar Ali Baloch BS-17 SCUG Service (Admn. Branch), Maqsood Badaruddin...

Interim distribution for JS IF, JS CF and JS PSF-I announced.
December 30, 2011... The Chief Executive Officer under the authority of the Board of Directors of JS Investments Limited (JSIL) announced interim distribution for JS Income Fund (JS IF), JS Cash Fund (JS CF) and JS Principal Secure Fund-I (JS PSF-I) for the half...

Informal sector registers 20 percent growth in 2007: seminar told.
December 30, 2011... Byline: RECORDER REPORT Pakistan has a very large informal sector in which 20 percent growth was recorded in 2007. According to a conservative estimate in 2007, out of $160 billion size of country's economy, $32 billion plus is in the...

Foreign loans: debt servicing surpasses net loans' disbursement in 2010-11, National Assembly told.
December 30, 2011... Byline: ZULFIQAR AHMAD The debt servicing of Pakistan, which includes repayment of instalments on principal amount and interest on foreign loans amounted to $2.7 billion, higher than the disbursement of net loans of $2.6 billion made in...

Babar Awan nominated PPP vice president.
December 30, 2011... December 29, 2011:-Renowned politician and lawyer, Senator Dr Babar Awan has been nominated Vice President of Pakistan People's Party. The notification in this regard was issued on Thursday after the approval by Co-Chairman PPP President Asif...

Implementation of 16 percent GST: indecisive approach ruins tractor industry: APMEA.
December 30, 2011... Byline: RECORDER REPORT The government's indecisive approach to the implementation of 16 per cent General Sales Tax on tractor not only has ruined the tractor industry but also will have fatal repercussions on the Agri economy and engineering...

Promotion of Halal industry: two-day international conference on January 16.(Conference news)
December 30, 2011... Byline: RECORDER REPORT A two-day international conference for promotion of Halal industry will be held here on January 16, in which constituents from 14 countries will participate. According to a Halal Research Council's spokesperson here on...

Three-percent fee: SECP not in league with CCP.
December 30, 2011... Byline: RECORDER REPORT Muhammad Ali, Chairman Securities and Exchange Commission of Pakistan on Thursday highly appreciated the performance of the Competition Commission of Pakistan (CCP) with the comments that the SECP is not in league with...

Withdrawal of SRO: LCCI hands over set of proposals to Inland Revenue Chief.
December 30, 2011... Byline: RECORDER REPORT The Lahore Chamber of Commerce and Industry has handed over a set of proposals to Inland Revenue Chief regarding immediate withdrawal of SRO 821(I), 2011 to pave the way for much needed expansion in the tax net. The...

Tribal leader joins PTI.
December 30, 2011... Tribal leader Haji Nasib Agha, along with his associates, has joined Pakistan Tehreek-e-Insaf (PTI). Addressing a new conference along with PTI Central Vice President Nawabzada Sharif Jogezai at Jogezai House on Thursday, he along with other...

ARL honoured for excellent services.
December 30, 2011... The Attock Refinery Limited (ARL) has been honoured with the award "Living the United Nations Global Compact Responsible Business Award 2011", for its best services in energy sector. Didier Boschung, Consul General of Switzerland in Pakistan,...

Owner of goods transport: applicability of tax questioned.
December 30, 2011... Byline: RECORDER REPORT There is a legal ambiguity in the Income Tax Ordinance 2001 on the chargeability of tax from owner of goods transport vehicle due to conflicting provisions of the said Ordinance. It is learnt here on Thursday that...

Haji Adeel hails President's speech.
December 30, 2011... Central leader of ANP Haji Adeel has appreciated the speech of President Asif Ali Zardari at Garhi Khuda Bakhsh, Sindh on the occasion of death anniversary of Benazir Bhutto Shaheed. Talking to Radio Pakistan on Thursday, he said President's...

Gas loadshedding: protesters block Motorway for five hours.
December 30, 2011... Byline: RECORDER REPORT Thousands of industrial workers, industrialists and textile exporters on Thursday took out a protest procession and blocked Motorway Interchange (M-3) for five hours against gas loadshedding being observed for...

Sugar price slashed by Rs 10 per kg.
December 30, 2011... Under the special directives of Senior Federal Minister for Industries, Chaudhry Pervaiz Ellahi, the Utility Stores Corporation (USC) has further decreased the prices of sugar from Rs 52 per kg to Rs 42 per kg giving relief of Rs 10 per kg to...

FBR extends office timings.
December 30, 2011... In a bid to facilitate the taxpayers, Federal Board of Revenue has decided to extend the office timings of all the Large Taxpayer Units (LTUs), Regional Tax Offices (RTOs) and Tax Facilitation Centres on 30th and 31st December 2011, beyond...

President felicitates Ibad.
December 30, 2011... President Asif Ali Zardari has felicitated Dr Ishrat-ul-Ibad Khan on completion of nine years of his governorship. This was stated in a press release issued by the Governor House here on Thursday. It said that President Zardari telephoned Dr...

Export of brown sugar allowed.
December 30, 2011... Byline: MUSHTAQ GHUMMAN The government has allowed export of brown sugar to encourage its production in the country for which Commerce Ministry issued Regulatory Order (SRO) on Thursday. Prime Minister Syed Yousuf Raza Gilani and Economic...

LPG price up by Rs 5 to Rs 10 per kg.
December 30, 2011... Byline: RECORDER REPORT The Liquefied Petroleum Gas (LPG) marketing companies have raised the LPG price from Rs 5-10 per kg, Rs 60-120 per domestic cylinder and Rs 240-480 per commercial cylinder, saying that price of the commodity has also...

Equities move both ways on ISE.
December 30, 2011... Byline: RECORDER REPORT Equities moved both ways at the Islamabad Stock Exchange (ISE) where investors adopted a cautious approach under the lead of hot favourite amid increase in index. ISE Ten Index showed an increase of 6.75 points, as the...

Bullish sentiments prevail on LSE.
December 30, 2011... Byline: RECORDER REPORT Bullish sentiments prevailed on the Lahore Stock Exchange (LSE) on Thursday where equities registered gains amid bullish sentiments following fresh buying in the oil and banking sectors' shares. The LSE-25 index was...

Senators given briefing at ISI headquarters.
December 30, 2011... Byline: RECORDER REPORT In an unprecedented development, senior officials of Inter-Services Intelligence (ISI) on Thursday said that they would continue to seek guidance from parliament on matters of national security. It was for the first...

Nato attack: Pakistan says examining Pentagon's probe report.
December 30, 2011... Byline: ALI HUSSAIN Pakistan on Thursday said that its 'relevant authorities' were examining Pentagon investigation report into the last month Nato air strike on Pakistan army check posts in Mohmand Agency and would articulate response as...

BRIndex30 up 48.23 points.
December 30, 2011... Byline: RECORDER REPORT On Thursday, BRIndex30 opened at 8,334.71 points and remained green for most of the trading session except for a few minutes entry into red near midday. It touched an intraday high of 8,409.65 points and an intraday...

Index gains 83.08 points.
December 30, 2011... Byline: RECORDER REPORT Karachi share market supported by buying in oil, fertiliser and banking sector closed on a positive note on Thursday. The KSE-100 index gained 83.08 points to close at 11,435.67 points from 11,352.59 points. During the...

Prime Minister rejects PIA''s business plan.
December 30, 2011... Byline: WASIM IQBAL & TAHIR AMIN Prime Minister Yousuf Raza Gilani on Thursday rejected a long-term business plan submitted by PIA management and directed preparation of a new plan to make the national flag-carrier efficient and...

Objectionable act of Discos: middle category consumers paying double tariff.
December 30, 2011... Byline: MUSHTAQ GHUMMAN Power Distribution Companies (Discos) are charging almost double tariff from the middle category consumers during peak hours, certified record of which is not made available. Discos, which are struggling for...

Officers rule while soldiers shed their blood: Haqqani's counsel tells Supreme Court.
December 30, 2011... Byline: KHUDAYAR MOHLA Concluding her arguments in the Memogate controversy, Asma Jahangir, counsel for former ambassador to USA Husain Haqqani, again argued that petitions were not maintainable and that due process of law had been ignored in...

Infrastructure for Malakand, import of urea: Saudi Arabia signs two accords worth $172 million.
December 30, 2011... Byline: RECORDER REPORT Saudi Arabia will provide $172 million (645 million Riyals) for construction of infrastructure for Malakand region and import of urea fertiliser. This was announced during a signing ceremony of the two agreements worth...

SBP chief explains CSA with Peoples Bank of China.
December 30, 2011... The Governor, State Bank of Pakistan, Yaseen Anwar on Thursday issued the following press statement to explain the currency swap agreement with Peoples Bank of China: 'On December 23, 2011, the undersigned signed a landmark currency swap...

SBP chief explains CSA with Peoples Bank of China.
December 30, 2011... The Governor, State Bank of Pakistan, Yaseen Anwar on Thursday issued the following press statement to explain the currency swap agreement with Peoples Bank of China: ''On December 23, 2011, the undersigned signed a landmark currency swap...

Prime Minister rejects PIA's business plan.
December 30, 2011... Byline: WASIM IQBAL & TAHIR AMIN Prime Minister Yousuf Raza Gilani on Thursday rejected a long-term business plan submitted by PIA management and directed preparation of a new plan to make the national flag-carrier efficient and...

''Fit and Proper Criteria'' for insurance companies: CEO''s, director''s appointment only after SECP nod.
December 30, 2011... Byline: SOHAIL SARFRAZ The Securities and Exchange Commission of Pakistan (SECP) on Thursday announced ''Fit and Proper Criteria'' for public and private sector insurance companies under which Chief Executive Officers/ Principal Officers and...

Collection of CGT on bourses: SECP likely to propose new mechanism.
December 30, 2011... Byline: RECORDER REPORT The Securities and Exchange Commission of Pakistan (SECP) is expected to propose new mechanism for collection of Capital Gain Tax (CGT) on stock exchanges to address concerns of broker community and investors for...

'Fit and Proper Criteria' for insurance companies: CEO's, director's appointment only after SECP nod.
December 30, 2011... Byline: SOHAIL SARFRAZ The Securities and Exchange Commission of Pakistan (SECP) on Thursday announced 'Fit and Proper Criteria' for public and private sector insurance companies under which Chief Executive Officers/ Principal Officers and...

49.5 megawatts wind farm project: China''s Yangtze given incentives after majority decision.
December 30, 2011... Byline: MUSHTAQ GHUMMAN The National Electric Power Regulatory Authority (Nepra) has granted fiscal incentives to China''s Yangtze Three Gorges Development Corporation for building the first 49.5 MW wind farm on the basis of majority decision...

Gas shortage set to become more acute: ''emergency'' next month, says Asim.
December 30, 2011... Byline: ABDUL RASHEED AZAD Federal Minister for Petroleum and Natural Resources Dr Asim Hussain Thursday declared that there would be a gas emergency during January as its shortage would cross one billion cubic feet (BCFD) mark in the next...

'China's bank is willing to fund IP pipeline project'.
December 30, 2011... Byline: MONITORING DESK Federal Minister for Petroleum and Natural Resources Dr Asim Hussain revealed on Thursday that Industrial Commercial Bank of China (ICBC) was willing to provide investment for Pak-Iran gas pipeline project. Talking to...

49.5 megawatts wind farm project: China's Yangtze given incentives after majority decision.
December 30, 2011... Byline: MUSHTAQ GHUMMAN The National Electric Power Regulatory Authority (Nepra) has granted fiscal incentives to China's Yangtze Three Gorges Development Corporation for building the first 49.5 MW wind farm on the basis of majority decision...

National media digitalisation policy next month: Firdous.
December 30, 2011... Federal government will announce National Media Digitalisation Policy early next month, Information Minister Dr Firdous Ashiq Awan said. Talking to newsmen Thursday after inaugurating Electronic Media Complaint Cell EMCC at Pemra Headquarters,...

Gas shortage set to become more acute: 'emergency' next month, says Asim.
December 30, 2011... Byline: ABDUL RASHEED AZAD Federal Minister for Petroleum and Natural Resources Dr Asim Hussain Thursday declared that there would be a gas emergency during January as its shortage would cross one billion cubic feet (BCFD) mark in the next...

Two alleged kidnappers held, infant recovered.
December 30, 2011... Byline: RECORDER REPORT Citizen Police Liaison Committee (CPLC) and Sharae Faisal police on Thursday have arrested two kidnappers and recovered an infant from their possession at Macchar colony. According to Ahmed Chinoy, a 10-month-old baby...

Arrangements for Urs of Bhittai finalised.
December 30, 2011... Byline: RECORDER REPORT Hazrat Shah Abdul Latif Bhittai Mela Organising Committee in its meeting held under the chairmanship of Provincial Culture Secretary Abdul Aziz Uqeli on Thursday at Bhitshah Rest House finalised the arrangements for...

Call to prepare contingency plans for disasters.(Conference notes)
December 30, 2011... Contingency plans for all the frequent disasters should be prepared by federal, provincial and districts governments in participatory approach in consultation with the concerned agencies, departments and stakeholders including civil society and...

OUP launches book on Bangladesh.
December 30, 2011... Byline: RECORDER REPORT Oxford University Press on Thursday launched its latest publication 'Women, War and the Making of Bangladesh: Remembering 1971' written by Yasmin Saikia at a local hotel, here on Thursday. The book focuses on the story...

Small clubs exempted from ST on services.
December 30, 2011... Byline: RECORDER REPORT The small clubs charging not more than Rs.30,000 as membership fee and not more than Rs.100 as monthly subscription have been exempted from sales tax on services, said a notification issued by the Sindh Revenue Board...

HCCI president concerned.
December 30, 2011... Byline: RECORDER REPORT President Hyderabad Chamber of Commerce and Industries (HCCI), Gouharullah has expressed concern over the report that advance deposits of applicants for the allotments of plots in Hyderabad SITE Extension Phase II had...

KANUPP resumes its operation after 72 days.
December 30, 2011... Byline: ASMA RAZAQ After a long gap of 72 days, Karachi Nuclear Power Plant (KANUPP) resumed its operation. Well-placed sources told Business Recorder that on October 5, 2011, KANUPP suspended its operations for annual maintenance purposes...

Aquaculture, shrimp farming project: fisheries department fails to initiate work.
December 30, 2011... Byline: RECORDER REPORT Sindh Fisheries department could not initiate work on the "Aquaculture and shrimp farming project" despite a lapse of one year, Business Recorder has learnt on Thursday. The Fisheries department had identified some...

KSE directors' elections held.
December 30, 2011... The annual elections of directors of Karachi Stock Exchange (KSE) was held on Thursday, December 29 to elect five directors for the next term commencing from January 01, 2012. Out of a total of 07 candidates, one withdrew his nomination before...

Al Meezan announces dividends for MSF, MCF.
December 30, 2011... Al Meezan Investment Management Limited (Al Meezan) has announced another interim dividend pay-out for Meezan Sovereign Fund (MSF) @ Rs 1.30 per unit and Meezan Cash Fund (MCF) @ Rs. 0.40 per unit. The details of the dividend are as following:...

Amina Sadiq dies.
December 30, 2011... The famous Sindhi folk singer Amina Sadiq died at the age of 65 at her Mumtaz Colony residence, here on Wednesday. Sadiq was popular for her typical Sindhi accent in singing. She performed with a number of famous singers of Pakistan as well as...

All World's Arabia Fast Growth 500 list: TradeKey ranked among top 50 companies.
December 30, 2011... TradeKey, a leading online business-to-business marketplace, has been included in the top 50 companies of AllWorld's Arabia Fast Growth 500 list and it's also ranked as one of the top 25 fastest growing companies of Pakistan. AllWorld's...

Industrialists reject move to raise gas tariff, CNG prices.
December 30, 2011... Byline: N H ZUBERI Industrialists and traders have rejected increase in gas tariff and CNG prices by 16.95 percent and 46 percent, respectively. Commenting on the government decision and Oil and Gas Regulatory Authority (Ogra) recommendation...

Kerb buying and selling rate of US dollar.
December 30, 2011... Byline: RECORDER REPORT ======================== Open Buying Rs.90.00 Open Selling Rs.90.20 ======================== Dollar buying and selling rate in the kerb market in rupees on Thursday (December 29, 2011). Copyright 2011 Business...

Dollar's rate in interbank market.
December 30, 2011... Byline: RECORDER REPORT ======================== Buying Rs.90.00 Selling Rs.90.02 ======================== Interbank closing rates for dollar on Thursday (December 29, 2011). Copyright 2011 Business Recorder

Shipping Intelligence.
December 30, 2011... Byline: RECORDER REPORT ============================================================================= VESSELS ON BERTH ============================================================================= Berth Ship Working Agent Berthing No Date...

Pakistan Mercantile Exchange - PMEX.
December 30, 2011... Byline: RECORDER REPORT ======================================================================================================================== =============== Total Volume - Lots 11,535 Total Volume - Rs. 1,985,762,464...

Poultry Rates.
December 30, 2011... Byline: RECORDER REPORT Wholesale poultry rates on Thursday (December 29, 2011) and for Friday (December 30, 2011). Eggs: Rs.3210/3215 per 30 dozen; Broiler Birds (live): Rs.172 per kilogram; Cull Birds (live): Rs.90 per kilo. Rates For...

Cotton Spot Rates.
December 30, 2011... Byline: RECORDER REPORT =========================================================================== The KCA Official Spot Rate for Local Dealings in Pak Rupees --------------------------------------------------------------------------- FOR BASE...

Non ferrous metals, ferrous alloy rates.
December 30, 2011... Byline: RECORDER REPORT ======================================= Non-ferrous metals, ferrous alloy rates ======================================= Rate/Kilo Rs. ======================================= Zinc Ingot 99-995 275.00 Lead Ingot 165.00 Tin...

LME official prices.
December 30, 2011... Byline: RECORDER REPORT =================================================================================================== Aluminium Aluminium Copper Lead Nickel Tin Zinc Nasaac Alloy...

Bullion Rates.
December 30, 2011... ================================== In rupees per 10 gram ================================== KARACHI ---------------------------------- Gold Tezabi 24 CT 45428.00 Silver Tezabi 822.85 ================================== Gold and silver rates in...

Lahore Grain Market Rates.
December 29, 2011... Byline: RECORDER REPORT ================================ Per 100 kg ================================ Sugar 5140-5200 Gur 5500-6500 Shakar 6000-7000 Ghee (16 kg) 2460-2680 Almond (Kaghzi) 25000-40000 Almond (Simple) 10500-13500 Sogi 20000-25000...

Poultry Rates.
December 29, 2011... Byline: RECORDER REPORT Wholesale poultry rates on Wednesday (December 28, 2011) and for Thursday (December 29, 2011). Eggs: Rs.3090/3095 per 30 dozen; Broiler Birds (live): Rs.158 per kilogram; Cull Birds (live): Rs.90 per kilo. Rates...

Lahore Paper Market Rates.
December 29, 2011... Byline: RECORDER REPORT =========================================== OFFSET PAPER Indonesia (per lb) =========================================== 23x36 75 57 27x34 75 57 25.5x36 75 57 30x40 75 57 ------------------------------------------- Art...

Pakistan Mercantile Exchange - PMEX.
December 29, 2011... Byline: RECORDER REPORT ======================================================================================================================== ================ Total Volume - Lots 5,875 Total Volume - Rs. 1,006,687,188...

Dollar's rate in interbank market.
December 29, 2011... Byline: RECORDER REPORT ======================== Buying Rs.89.97 Selling Rs.90.00 ======================== Interbank closing rates for dollar on Wednesday (December 28, 2011). Copyright 2011 Business Recorder

Shipping Intelligence.
December 29, 2011... Byline: RECORDER REPORT ============================================================================ VESSELS ON BERTH ============================================================================ Berth Ship Working Agent Berthing No Date...

Kerb buying and selling rate of US dollar.
December 29, 2011... Byline: RECORDER REPORT ======================== Open Buying Rs.89.90 Open Selling Rs.90.10 ======================== Dollar buying and selling rate in the kerb market in rupees on Wednesday (December 28, 2011). Copyright 2011 Business...

Rates of Debt Securities.
December 29, 2011... Byline: RECORDER REPORT ============================================================================================================== RATES OF DEBT SECURITIES...

Cross Transactions between Client to Client & Financial Institutions.
December 29, 2011... Byline: RECORDER REPORT ==================================================================== CROSS TRANSACTIONS BETWEEN CLIENT TO CLIENT & FINANCIAL INSTITUTIONS ==================================================================== Member...

Member to Member.
December 29, 2011... Byline: RECORDER REPORT ============================================================================== MEMBERS HAVE SUBSEQUENTLY REPORTED THE FOLLOWING TRANSACTIONS MEMBER TO MEMBER...

Mutual Funds Association of Pakistan.
December 29, 2011... Byline: RECORDER REPORT ======================================================================================================================== ==================== Funds Name Asset Manager Category Offer Repurchase Validity Price Price...

BRIndex30 and BR Sectoral Indices.
December 29, 2011... Byline: RECORDER REPORT =================================== BR INDICASE AT A GLANCE =================================== BRINDEX30 - =================================== Day Close: (-) 8,334.71 High: 8,373.82 Low: 8,314.39 Net Change: (-) 15.33...

BOARD MEETINGS.
December 29, 2011... Byline: RECORDER REPORT ============================================================== Name of company Date Time ============================================================== Brothers Textile Mills Ltd 29.12.2011 11:00 am Al-Noor Sugar Mills...

Board Meetings.
December 29, 2011... Byline: RECORDER REPORT ===================================================================================== Company SCHEDULED ON TIME PLACE TO CONSIDER ===================================================================================== Baba...