Business Recorder articles from February 2011

Business Recorder archives from February 2011

Enforcement plan to maximise revenue collection: FBR to conduct all companies' desk audit.
February 28, 2011... Byline: SOHAIL SARFRAZ The Federal Board of Revenue (FBR) has decided to conduct desk audit of all companies and recover inadmissible input tax adjustment of sales tax and supplies made by blacklisted companies under the short-term...

Mining sector tapped as huge revenue potential sources.
February 28, 2011... Byline: RECORDER REPORT The Federal Board of Revenue (FBR) can examine/investigate mining sector as one of the most potential areas for increasing revenue collection and broadening the tax base under the national drive to discover new avenues...

ECC permission for components' import sought: power sector furnace oil blending locally.
February 28, 2011... Byline: ZAFAR BHUTTA The Pakistan State Oil (PSO), the Overseas Oil Trading Company (Pvt) Ltd (OOTC) and Bakri Trading Company Pakistan (BTCP) have sought permission to import high viscous furnace oil (FO) and blending component products to...

FBR's proposals dropped: one percent surcharge, raise in WHT on imports.
February 28, 2011... Byline: ZAHEER ABBASI The government has dropped the proposals of the Federal Board of Revenue (FBR) to impose one percent import surcharge and 2 percent increase in withholding tax on imports due to possible violation of the World Trade...

ECC to consider new steps to punish local auto industry.
February 28, 2011... Byline: MUSHTAQ GHUMMAN The Economic Co-ordination Committee (ECC) of the Cabinet, which is scheduled to meet on Tuesday, will consider new measures to punish the local auto industry by increasing the rate of depreciation on assessable value,...

Panic selling on KSE.
February 28, 2011... Byline: RECORDER REVIEW Prevailing political uncertainty in the country and unrest in the Middle East region invited panic selling at the share market during the week ended on February 25, 2011. As a result, the KSE-100 index lost 817.63...

Futures open interest up by 5.9 percent.
February 28, 2011... Byline: RECORDER REPORT Total open interest position at the futures counter increased by 5.9 percent on week on week basis to Rs 1.385 billion. On the other hand, the futures spreads also surged by 806bps during the week ended on February 25,...

Power Tariff subsidy to continue till June: fuel differential to be passed on to consumers.
February 28, 2011... Byline: MUSHTAQ GHUMMAN The federal government has reportedly decided to extend Rs 30 billion subsidy every two months to keep power tariff frozen at least till June, 2011, sources told Business Recorder. "We will continue to extend Rs 30...

Pakistani expatriates in Libya: Special Task Force set up to monitor situation.
February 28, 2011... Ministry of Foreign Affairs has set up a Special Task Force to monitor the situation and provide assistance through the embassies in Tripoli and in the region to Pakistani expatriates in Libya. The decision to this effect was taken by the...

Export development strategy of EDB may be scrapped: Proposals rejected by FBR.
February 28, 2011... Byline: MUSHTAQ GHUMMAN Engineering Development Board's (EDB) 'National Engineering Exports Development Strategy (Needs) is likely to be scrapped as the Federal Board of Revenue (FBR) has turned down most of the tax incentives proposed in the...

Government will not allow democratic system to be derailed: Zardari.
February 28, 2011... President Asif Ali Zardari, who reviewed the progress of Lyari development projects at Bilawal House here Sunday, said that the government will continue the politics of reconciliation and tolerance to strengthen democracy in the country. This...

Banking Mohtasib to visit SCCI today.
February 28, 2011... The Banking Mohtasib of Pakistan, Masrur-ur-Rehman Khan is paying a visit to Sialkot Chamber of Commerce and Industry (SCCI) on February 28 (today), 2011. During a special joint meeting at SCCI, the mohtasib will discuss matters of mutual...

Trader abducted for ransom recovered.
February 28, 2011... Multan police have claimed to recover an abducted trader and arrested three alleged abductors here on Sunday. A local trader Haji Zafar Iqbal of chungi no 14. and owner of Irshad & Company Turbines was abducted by unidentified men. The gang...

Malaysian Islamic banking team extols HHRD microfinance programme.
February 28, 2011... A Malaysian Islamic banking expert team lauded Helping Hand for Relief and Development's (HHRD) interest free micro finance programme being started to help the deserving families to set up business for their livelihood and sustainability. The...

PPP's Core Committee reviews political situation.
February 28, 2011... President Asif Ali Zardari Sunday presided over two meetings in Bilawal House here, one relating to discussions on the political situation with the Sindh PPP Core Committee and the other on development projects and situation in Lyari. The...

Four injured in firing incident.
February 28, 2011... Four men were injured in firing incident on Sunday morning at Bukhari Shah Street in the limits of Kharadar Police Station. According to the duty officer of Kharadar police station, four unidentified armed bike riders opened fire on 30-year...

Shah Mehmood visits mausoleum of martyrs of Bhutto family.
February 28, 2011... Former foreign minister Makhdoom Shah Mehmood Qureshi arrived here from Sukkur on Sunday night, to visit the grave of slain chairperson of PPP Shaheed Mohtarma Benazir Bhutto. He along-with devotees of Ghousia Jamaat and PPP workers drove...

EC moved to stop formation of government in Punjab.
February 28, 2011... Shah Jehan advocate has filed a petition in the Election Commission of Pakistan praying to stop formation of any illegal government in the province of Punjab with the support of members who had defected their party till the decision of the...

Doors for reconciliation with PML-N still open: Firdous.
February 28, 2011... Federal Minister for Information and Broadcasting Dr Firdous Ashiq Awan said on Sunday that the option of reconciliation with PML-N was still open and the PPP would play the role of opposition in Punjab. Talking to reporters, Dr Firdous Asiq...

Derogatory remarks against judge 165 JI activists booked.
February 28, 2011... Byline: RECORDER REPORT Layyah Police have registered a case under Section 16 of Maintenance of Public Order against 15 leaders and 150 workers of Islamist Party on the charge of using derogatory remarks about District and Sessions Judge and...

Free medical camp organised in Orakzai Agency.
February 28, 2011... A three-day free medical camp was organised in Orakzai Agency areas of Kargan, Utman Khel and Mushti Mela under the directives of Governor Khyber Pakhtunkhwa, Barrister Masood Kausar and Additional Chief Secretary, Director Health Fata, Dr Fawad...

'Pakistan, Turkey have centuries' old historic, cultural ties'.
February 28, 2011... Byline: RECORDER REPORT Punjab Chief Minister Muhammad Shahbaz Sharif has said that Pakistan and Turkey have centuries' old historic and cultural relations and people of both the countries are bound together in strong fraternal ties. He said...

Seven benches of Supreme Court for next week.
February 28, 2011... Chief Justice of Pakistan Iftikhar Muhammad Chaudhry has constituted seven benches, including special and larger benches, at the principal seat to hear a number of important cases in the next week starting from February 28 (Monday). A...

Nawaz should apologise for supporting PPP: Munawar.
February 28, 2011... Byline: RECORDER REPORT Amir Jamaat-e-Islami Syed Munawar Hassan has urged PML-N chief Nawaz Sharif to apologise from the nation for supporting PPP government for three years and plunging the country into lawlessness, unbearable inflation and...

Qureshi gets warm welcome in Sindh.
February 28, 2011... Ex-foreign minister Shah Mehmood Qureshi was given a warm welcome at Sindh-Punjab border near here on Sunday, where more than 50,000 people received him. Addressing on the occasion, Qureshi said he was astonished to see the love and regard of...

Political war in the offing in Punjab Assembly: Dr Samia Amjad.
February 28, 2011... PML-Q MPA Dr Samia Amjad has said that power politics would be substituted by political war in the Punjab Assembly after PML (N) decision to patronize turncoats, saying Punjab Assembly would turn into a war field. Dr Samia Amjad, while...

Digital library inaugurated in Multan.
February 28, 2011... Byline: RECORDER REPORT Multan Chamber of Commerce & Industry (MCCI) has initiated a Digital library in Multan and Shamim Ahmed Khan (ex-President) and his son Nouman Ahmed Khan (ex-SVP) provided funds of Rs.5 million for the Laangay Khan...

Two Nato containers torched.
February 28, 2011... Unknown armed men attacked and torched two containers carrying supplies for North Atlantic Treaty Organisation (Nato) forces in Afghanistan near the Mangochar Area of Kalat district on Sunday. "Unidentified gunmen attacked and opened fire on...

10 alleged drug pushers held.
February 28, 2011... Multan police arrested 10 drug-pushers and recovered wine and charas from their possession. The Qutabpur, Mumtazabad, Cantt and Jalelabad area police raided different places and arrested 10 alleged outlaws identified as Mohammad Qaisar, Razia...

UK HC meets Punjab chief minister.
February 28, 2011... Byline: RECORDER REPORT British High Commissioner Adam Thomson met Punjab Chief Minister Shahbaz Sharif here on Sunday and discussed matters of mutual interest. Progress on various projects being implemented in Punjab with the help of British...

Turncoats always supported dictators: Babar.
February 28, 2011... Federal Law, Justice and Parliamentary Affairs Minister Babar Awan has said that turncoats always supported dictators with the help of capitalists in the guise of technocrats. He was addressing "Meet the Press" programme at the Lahore Press Club...

Mangla Dam Raising Project victims: Wapda pays Rs52bn in compensations.
February 28, 2011... Byline: RECORDER REPORT Water and Power Development Authority (Wapda) has completed payment of total compensation amounting to Rs52 billion for victims of the Mangla Dam Raising Project after it released the last tranche of Rs3 billion to the...

Seminar on 'industrial relations for promotion of welfare of workers' held.
February 28, 2011... Byline: RECORDER REPORT Outdated labour legislation in Pakistan is required to be brought in conformity with the principles of fundamental rights guaranteed by the Constitution of Pakistan under Article 17/A. And pertaining to Freedom of...

Number of students graduating from SSUT to exceed 10,000.
February 28, 2011... Sir Syed University of Engineering and Technology (SSUET) has registered some 3,895 potential employees under its university-industry collaboration programme. These potential employees have been registered to help its graduates provided with...

'Zardari had said Justice Dogar be given 3-year extension'.
February 28, 2011... Byline: JALIL HASSAN AKHTAR Punjab Chief Minister Muhammad Shahbaz Sharif has said that Pakistan Muslim League-Nawaz (PML-N) has always upheld the norms of decency in politics and is ready to go to any extent for the respect and dignity of...

'Best Practice Awards 2010': Pakistan among Unesco's selected case studies.
February 28, 2011... United Nations Education Scientific and Culture Organisation (Unesco)'s Asia-Pacific Centre of Education for International Understanding (APCEIU) has selected the case study of Pakistan for its 'The 2010 Best Practice Awards'. Each year,...

'Kashmiris' sacrifices would not go waste'.
February 28, 2011... Veteran Kashmiri Hurriyet leader in occupied Kashmir, Syed Ali Geelani has said that Kashmiris are continuing a peaceful struggle for securing their right to self-determination promised to them by Pakistan, India and the international community....

CRLC to review child marriage restraint act.
February 28, 2011... Child Rights Legal Centre (CRLC) urged the government to review the Child Marriage Restraint Act 1929 and increase the legal marriageable age for girls from 16 years to 18 years. "Child marriage is an offence which is committed explicitly...

Governor House didn't receive any summary: Khosa.
February 28, 2011... Punjab Governor Sardar Latif Khosa said that he had not received any summary from the Punjab Chief Minister regarding removal of PPP ministers from the provincial cabinet. "Sunday, being a holiday, I would attend to the official business...

Mega scam of sales tax evasion unearthed.
February 28, 2011... Byline: M RAFIQUE GORAYA Directorate General of Intelligence and Investigation-FBR, Faisalabad has busted a gang of fraudsters, involved in a mega scam of sales tax evasion to the tune of Rs 109 million. Sources told Business Recorder that...

Asian Soccer Cup: 'Palestinian team has full potential to qualify'.
February 28, 2011... Byline: MUHAMMAD SALEEM Palestinian National Soccer team coach Moussa Bezaz Sunday expressed optimism that Palestinian team has full potential to qualify for the Asian Cup. Talking to reporters here at FIFA Football House, he said: "Since...

Afridi hails morale booster for Pakistan.
February 28, 2011... Jubilant skipper Shahid Afridi hailed Pakistan's impressive World Cup win over one-day powerhouse Sri Lanka as a huge boost for his team but demanded an improvement in fielding standards. Pakistan beat Sri Lanka by 11 runs on Saturday before a...

Imran wants Younis, Misbah to bat at 3-4 spots.
February 28, 2011... The former Pakistan Captain Imran Khan believed that experienced batting duo of Younis Khan and Misbah-ul-Haq should bat at number three and four spots in ongoing Cricket World Cup (CWC) which would be more fruitful and benefiting. "Younis...

Artist hides USB sticks as part of mystery work.
February 28, 2011... In times gone by a dead letter box was often used as the location to secretly pass items between two people, without requiring them to meet. With the advent of digital technology, those fond of mystery can now use USB sticks to achieve the same...

Motorola's Xoom tablet leads charge of iPad rivals.
February 28, 2011... Motorola's Xoom tablet computer went on sale in the US on Thursday, amidst positive reviews that labeled the device as the most powerful rival yet to Apple's iPad. Apple sparked the tablet computer craze last April with the iPad, and has...

CeBIT trade fair swerves back to consumer role.
February 28, 2011... The trade fair CeBIT kicks off this week with the big computing expo swerving back to its historic role as a public celebration of all the useful and fun things you do with computers. Attempts in recent years to turn the annual fair into a...

KESC blames extra loadshedding on erratic gas supply.
February 28, 2011... The Karachi Electric Supply Company has claimed that it has been facing unpredictable fluctuation in gas supply during the past about one week. A press release here on Sunday said that KESC has been increasing and decreasing power generation as...

500-bed hospital set up at Ojha Campus by DUHS.
February 28, 2011... A 500-bed hospital has been established by the Dow University of Health Sciences (DUHS) at its Ojha Campus here. The Vice-Chancellor of DUHS, Professor Masood Hameed Khan, performed the inauguration of the facility on Sunday. The hospital has...

KCA spot rate, domestic cotton prices tend lower in line with US futures.
February 28, 2011... Byline: SHAFI AHMED SYED Cotton rates finally crashed towards the end of the week - from beginning the spot at Rs12000 ended on Thursday at Rs11800. WORLD SCENARIO: When markets in New York reopened after President Day holiday on...

Imran flays 'power politics' in Punjab.
February 28, 2011... Pakistan Tehreek Insaf (PTI) Chief Imran Khan has flayed power politics in Punjab and termed it against principles. Addressing a press conference here at a local hotel on Sunday, he said that the 10-point agenda of the Pakistan Muslim League...

Broken promises of Zardari-led government compelled to part ways with PPP: PML-N.
February 28, 2011... Ahsan Iqbal, MNA and spokesperson PML-N, Sunday said that Zardari regime's broken promises and poor performance made it inevitable for PML-N to part ways from PPP in Punjab. In a statement issued here, he said corruption, price hike,...

Pakistan among top 10 countries in term of human development improvement.
February 28, 2011... Pakistan has been ranked 10th among the countries in term of human development improvement by the United Nations Development Programme's 20th Human Development Report 2010. Those among the 135 countries that improved most in Human Development...

Workshop on post-flood water issues organised.
February 28, 2011... Government should setup a watchdog body, involving civil society representatives to monitor ongoing repairing works of dykes and embankments to avoid any upcoming natural flood calamity to save the lives of a Khnadkot- Kashmore district and...

MONEY WEEK: The pitfalls of LSM fallout.
February 28, 2011... Byline: RECORDER REVIEW The large-scale manufacturing sector's continued dismal performance exhibits the inherent weaknesses of economic recovery and overwhelms the scores gained on the external front. However, the spree in commodity prices...

Commodities' prices stay put/turn higher on supply position, under global impact.
February 28, 2011... Byline: RECORDER REVIEW Prices ruled modestly higher or unchanged during the week ended on Feb 26, 2011, while globally trend was almost same except cotton, which persisted strong. On the opening session guwar Sindh rose by Rs100 to Rs4000 to...

More powers to the SBP.
February 28, 2011... The Banking Companies (Amendment) Bill, 2010, unanimously passed by the National Assembly on 24th February, 2011 would greatly add to the authority of the State Bank of Pakistan (SBP) so far as its supervision and control of the financial system...

Parting of ways.
February 28, 2011... PML-N chief Mian Nawaz Sharif announced 'parting of ways' with the PPP at a press conference on Friday, saying despite his side's consistent efforts "significant progress" has not been made on his party's 10-point reform agenda. The PPP and the...

Raising the political temperature.
February 28, 2011... Byline: ANJUM IBRAHIM The decision announced by the PML (N) leader Nawaz Sharif to dismiss the seven PPP ministers from the Punjab Cabinet, who continuously complained of lack of any powers in the administration of their ministries, has...

Lack of protests in Syria blamed on internet crackdown.
February 28, 2011... Byline: WEEDAH HAMZAH AND AYA BATRAWY While much of the Arab world continues to see thousands of people taking to the streets with calls for political change, a "Day of Rage" planned in Syria this month drew only a few dozen protesters....

Tense calm in Tripoli as residents seek cash, food.
February 28, 2011... Byline: NEHAL EL-SHERIF People stood in long queues outside banks in the Libyan capital Tripoli on Sunday when many branches re-opened during a day of relative calm in the city. "I came to access my monthly paycheck, but the queue is too...

The ultimate solution for load-shedding.
February 28, 2011... Byline: MUNAWAR B. AHMAD (LAHORE) It was encouraging to read the Business Recorder editorial "Harnessing Wind Power" in the issue of February 22nd, 2011. It is stated, quoting sources in the AEDB, that Pakistan can generate 350,000 MW...

Zardari and Saudi Prince discuss regional situation.
February 28, 2011... President Asif Ali Zardari and Saudi Second Deputy Prime Minister Prince Nayef bin Abdulaziz Al-Saud met here on Saturday night and discussed Pak-Saudi bilateral relations and regional situation. The late-night meeting was held between the two...

D&SJ, civil judge Sibi kidnapped.
February 28, 2011... District and Session Judge Sibi and Civil Judge Sibi went missing while coming to Sibi form Usta Muhammad. Their vehicle, cell phone were found near Dera Murad Jamali. According to details, District and Session Judge Sibi Jan Muhammad Gohar and...

Aaj TV - Monday's schedule.
February 28, 2011... Byline: RECORDER REPORT 06:00 News Bulletin 06:25 Headline News 06:30 Black Box (Baligh Bacha) Documentary 06:55 Headline News 07:00 D - Bate 07:25 Headline News 07:30 D - Bate 07:55 Headline News 08:00 News Bulletin 08:25 Headline News...

Personal care: COLGATE-PALMOLIVE (PAKISTAN) LIMITED - Analysis of Financial Statements - Financial Year 2004 - Financial Year 2010.
February 28, 2011... ======================================================== COMPANY SNAPSHOT ======================================================== Name of company Colgate Palmolive Pakistan Limited ======================================================== Nature...

MetLife Alico American Life Insurance Company (Pakistan) Limited.
February 28, 2011... Byline: RECORDER REPORT ================================================ Investment Bid Offer Sub-Account PKR PKR ================================================ Aggressive 90.50 95.02 Balanced 105.18 110.44 Conservative 122.76...

Your rupee last week.
February 28, 2011... ======================================================================================================== T T CLEAN BUYING AUTHORIZED DEALERS RATES PER ONE UNIT OF CURRENCY...

Returns on Profit and Loss Sharing Investment Bank Accounts (JULY TO DECEMBER 2010).
February 28, 2011... Byline: RECORDER REPORT ======================================================================================================================== ====== RETURNS ON PLS INVESTMENTS (JULY TO DECEMBER 2010)...

Punjab gas crisis: Shahbaz requested not to take issue to CCI or joint sitting: Prime Minister.
February 28, 2011... Prime Minister Syed Yousuf Raza Gilani has expressed the resolve to continue reconciliation policy for Pakistan's security and sovereignty and to strengthen the parliament and democratic institutions. Talking to a journalists' delegation from...

THE RUPEE: mixed pattern.
February 28, 2011... Byline: RECORDER REVIEW Divergent trend was witnessed on the currency market during the week ended on February 26, 2011. On the inter-bank market, the rupee lost 25 paisa in relation to dollar for buying at 85.65 and 26 paisa for selling at...

BRIndex30 and BR Sectoral Indices.
February 26, 2011... Byline: RECORDER REPORT =================================== BR INDICASE AT A GLANCE =================================== BRINDEX30 - =================================== Day Close: (-) 8,016.50 High: 8,285.59 Low: 7,913.93 Net Change:...

Proposed right issues.
February 26, 2011... Byline: RECORDER REPORT ==================================================================== PROPOSED RIGHT ISSUE ==================================================================== Company...

Clearing Schedule for T+2 System.
February 26, 2011... Byline: RECORDER REPORT ================================================================ CLEARING SCHEDULE FOR T+2 SYSTEM FOR THE MONTH OF FEBRUARY AND MARCH...

EFU GUARANT GROWTH FUND Rates.
February 26, 2011... Byline: RECORDER REPORT ===================== Offer Price 570.45 Bid Price 541.92 ===================== EFU Guarant Growth Fund Rates on Friday (February 25, 2011). Copyright 2011 Business Recorder

EFU Aitemad Growth Fund Rates.
February 26, 2011... Byline: RECORDER REPORT ===================== Offer Price 646.83 Bid Price 614.48 ===================== EFU Aitemad Growth Fund Rates on Friday (February 25, 2011). Copyright 2011 Business Recorder

EFU Capital Growth Fund Rates.
February 26, 2011... Byline: RECORDER REPORT ===================== Offer Price 229.96 Bid Price 218.46 ===================== EFU Capital Growth Fund Rates on Friday (February 25, 2011). Copyright 2011 Business Recorder

EFU Pension Growth Fund Rates.
February 26, 2011... Byline: RECORDER REPORT ===================== Offer Price 149.94 Bid Price 142.44 ===================== EFU Pension Growth Fund Rates on Friday (February 25, 2011). Copyright 2011 Business Recorder

EFU Managed Growth Fund Rates.
February 26, 2011... Byline: RECORDER REPORT ===================== Offer Price 785.13 Bid Price 745.87 ===================== EFU Managed Growth Fund Rates on Friday (February 25, 2011). Copyright 2011 Business Recorder

Pakistan Government International Bonds.
February 26, 2011... Byline: RECORDER REPORT ====================================================================== Pakistan Government International Bonds ====================================================================== Bid Offer Bid Offer Mid...

US treasuries bid yields.
February 26, 2011... Byline: RECORDER REPORT ============================================================================ US TREASURIES (BID YIELDS) ============================================================================ DATE 1 MO 3 MO 6 MO 2 YR 3 YR 5 YR...

US treasuries bid prices.
February 26, 2011... Byline: RECORDER REPORT ======================================================================================= US TREASURIES (BID PRICES) ======================================================================================= DATE 1 MO 3...

Currency values in terms of Special Drawing Rights.
February 26, 2011... Byline: RECORDER REPORT ====================================================================================== February 25, 2011 ====================================================================================== Currency units per SDR...

Open market rates of foreign currencies.
February 26, 2011... Byline: RECORDER REPORT ========================================================================= CURRENCY BUYING SELLING CURRENCY BUYING SELLING ========================================================================= US$ O/M 85.40 85.55...

London Interbank Offered Rates.
February 26, 2011... Byline: RECORDER REPORT ====================================================== Rates at 11:00 London time Friday (February 25, 2011) ====================================================== USD GBP CAD EUR...