Business Recorder articles from November 2011, page 7

Business Recorder archives from November 2011

''Islamic banking constitutes about 7.3 percent of overall system''.
November 26, 2011... Muhammad Kamran Shehzad, Deputy Governor, State Bank of Pakistan on Friday said the Islamic banking industry at present constitutes about 7.3 percent of the overall banking system in Pakistan. He said this while addressing the closing ceremony...

ADB sees moderate rise in saving rates.
November 26, 2011... Byline: ASMA RAZAQ The Asian Development Bank (ADB) has projected domestic saving rates in the country will increase moderately or remain at a similar level while the labour force growth is expected to increase in the next 20 years. The...

Profit after tax of Siemens declines.
November 26, 2011... Byline: RECORDER REPORT The profit after tax of Siemens (Pakistan) Engineering Company Limited has declined to Rs 67.408 million in the year ended September 30, 2011 as compared to Rs 1,011.279 million earned in the same period last year. The...

Loadshedding: KCCI asks industrialists to discontinue bills'' payment.
November 26, 2011... Byline: RECORDER REPORT President, Karachi Chamber of Commerce and Industry (KCCI), Mian Abrar Ahmed has expressed concerns over colossal production losses of billions of rupees per day due to ongoing 12-hours-long loadshedding in seven...

Bears dominate ISE.
November 26, 2011... Byline: RECORDER REPORT Bears dominated the proceedings at the Islamabad Stock Exchange (ISE) where equities showed negative signs under the lead of hot favourite amid decrease in index. ISE Ten Index was down by 29.92 points, as the Index...

LSE index loses 58.53 points.
November 26, 2011... Byline: RECORDER REPORT Bearish sentiments continued on the Lahore Stock Exchange (LSE) on Friday and the equities registered losses amid selling pressure in most of the blue chips. The LSE-25 index was ended at 2999.48 points against 3058.01...

Index down 81.27 points.
November 26, 2011... Byline: RECORDER REPORT The KSE-100 index on Friday lost 81.27 points and closed at the level of 11,648.14 points due to selling after mid session with extreme low volumes. Although the opening was positive and the index hit 11,776.42 points...

BRIndex30 down by 138.64 points.
November 26, 2011... Byline: RECORDER REPORT On Friday, BRIndex30 opened at 9,074.88 and remained red with a general downward trend for almost the whole trading time except for the first few minutes after trading started. It touched an intraday high of 9,078.73...

Income tax regime: scope of services to be expanded.
November 26, 2011... Byline: SOHAIL SARFRAZ The Federal Board of Revenue has proposed to expand the scope of services within the income tax regime by amending the Income Tax Ordinance 2001, incorporating the list of hundreds of service providers mentioned in the...

Illegal input tax adjustment: FBR drops idea of new amnesty scheme.
November 26, 2011... Byline: RECORDER REPORT The Federal Board of Revenue has temporarily dropped the idea of launching a new amnesty scheme for persons against whom cases have been framed for claiming illegal input tax adjustment by the Directorate General of...

Hyderabad, Peshawar units: ST imposed on power supply to 24 textile mills.
November 26, 2011... Byline: RECORDER REPORT The Federal Board of Revenue has imposed sales tax on the supply of electricity to 24 textile mills, spinning and weaving units of Hyderabad and Peshawar. In this connection, the FBR has issued Sales Tax General Orders...

Underpayment of taxes: gold importers' audit to be conducted.
November 26, 2011... Byline: RECORDER REPORT The Federal Board of Revenue has decided to conduct audit of authorised importers of gold to check underpayment of taxes during the last few years. Sources told Business Recorder here on Friday that the FBR has issued...

Muharram to begin tomorrow.
November 26, 2011... Byline: RECORDER REPORT The new Muharram moon may be sighted today (Saturday), according to astronomical parameters. Therefore, the first of Muharram, 1433 AH should fall on Sunday. The moon crossed the conjunction line yesterday (Friday) at...

Iran-Pakistan gas pipeline project not a good idea: Munter.
November 26, 2011... Byline: HASSAN ABBAS US ambassador Cameron Munter on Friday said Pakistan-Iran gas pipeline project is not a good idea, however, Turkmenistan-Afghanistan- Pakistan-India pipeline project via Afghanistan is an appropriate option. He was...

Government approves Rs six billion bank guarantee for PSM.
November 26, 2011... Byline: ZAHEER ABBASI The government has approved a bank guarantee of Rs6 billion for Pakistan Steel Mills (PSM) to ensure working capital of the company and directed the management to empower the Board of Directors of the Corporation....

Railways revival efforts stepped up: CCoR approves Rs 600 million for payment of Wapda dues.
November 26, 2011... Byline: WASIM IQBAL The Cabinet Committee on Restructuring (CCoR) on Friday approved Rs.600 million for payment of Wapda dues, besides ensuring subsidy to cover salaries and pension of Railways staff and get enhanced credit limit from PSO....

PRAL operations challenged.
November 26, 2011... Byline: IQBAL MIRZA A writ petition challenging the operations of Pakistan Revenue Automation Ltd (PRAL) has been filed in Islamabad High Court. The petition which has been filed on behalf of Shah Khalid of Karachi by Advocate M.R.Najmi under...

Indo-Pak businesspersons: liberalised visa regime agreed.
November 26, 2011... India''s Home Ministry and Pakistan''s Interior Ministry have arrived at a ''broad agreement'' on a liberalised visa regime for Indian and Pakistani businessmen. For prominent businessmen, the two sides will grant multiple-entry visas valid for...

'MFN objectives': Islamabad, Delhi to ink three trade pacts.
November 26, 2011... Byline: MUSHTAQ GHUMMAN Pakistan and India are to ink three pacts to normalise their trade relations which will ultimately led to Most Favoured Nation (MFN) status for India, reveals official documents obtained from Cabinet Division. Both...

Indo-Pak businesspersons: liberalised visa regime agreed.
November 26, 2011... India's Home Ministry and Pakistan's Interior Ministry have arrived at a 'broad agreement' on a liberalised visa regime for Indian and Pakistani businessmen. For prominent businessmen, the two sides will grant multiple-entry visas valid for a...

Gas, POL levy to yield Rs 38.39 billion every year: two money bills adopted by National Assembly.
November 26, 2011... Byline: NAVEED BUTT The National Assembly on Friday passed two money bills to give authority to the government to collect around Rs 38.39 billion every fiscal year by imposing Gas Infrastructure Development Cess and Petroleum Levy and to...

Verdict should be implemented, says SCBA chief.
November 26, 2011... President Supreme Court Bar Association (SCBA) Muhammad Yaseen Azad said that apex court's directive in NRO case should be implemented. Talking to journalists here in the SC building, he said that he did not believe in perceptions and the...

NRO review petition dismissed.
November 26, 2011... Byline: KHUDAYAR MOHLA The Supreme Court (SC) on Friday dismissed federation's petition seeking the review of apex court verdict on National Reconciliation Ordinance (NRO) and directed the concerned authorities to implement that SC verdict of...

Defence, foreign affairs secretaries summoned by panel.
November 26, 2011... Byline: ALI HUSSAIN Parliamentary Committee on National Security (PCNS), terming the 'memogate' a sensitive issue, summoned secretaries of foreign affairs and defence in its next meeting to be held soon after Muharram to thoroughly brief the...

Ogra chairman''s appointment declared illegal.
November 26, 2011... Byline: RECORDER REPORT Announcing a reserved judgement, the Supreme Court (SC) on Friday declared appointment of Tauqir Sadiq as Chairman Oil and Gas Regulatory Authority (OGRA) illegal and directed National Accountability Bureau (NAB) to...

PQFTL announces unit prices.
November 26, 2011... Byline: RECORDER REPORT ==================================== PAK-QATAR FAMILY TAKAFUL ==================================== Managed Fund prices ==================================== Conservative 749.05 Balanced 727.66 Aggressive 703.64 Secure...

LME official prices.
November 25, 2011... Byline: RECORDER REPORT =================================================================================================== Aluminium Aluminium Copper Lead Nickel Tin Zinc Nasaac Alloy...

Poultry Rates.
November 25, 2011... Byline: RECORDER REPORT Wholesale poultry rates on Thursday (November 24, 2011) and for Friday (November 25, 2011). Eggs: Rs 2640/2645 per 30 dozen; Broiler Birds (live): Rs 118 per kilogram; Cull Birds (live): Rs 90 per kilo. Rates For...

Cotton Spot Rates.
November 25, 2011... Byline: RECORDER REPORT =========================================================================== The KCA Official Spot Rate for Local Dealings in Pak Rupees --------------------------------------------------------------------------- FOR BASE...

Lahore Grain Market Rates.
November 25, 2011... Byline: RECORDER REPORT ===================================== Per 100 kg ===================================== Sugar 5700-5800 Gur 7000-8000 Shakar 8500-9000 Ghee (16 kg) 2480-2700 Almond (Kaghzi) 25000-40000 Almond (Simple) 10500-13500 Sogi...

Pakistan Mercantile Exchange - PMEX.
November 25, 2011... Byline: RECORDER REPORT ======================================================================================================================== ============= Total Volume - Lots 11,641.00 Total Volume - Rs 3,055,114,046...

Kerb buying and selling rate of US dollar.
November 25, 2011... Byline: RECORDER REPORT ======================== Open Buying Rs 87.65 Open Selling Rs 87.67 ======================== Dollar buying and selling rate in the kerb market in rupees on Thursday (November 24, 2011). Copyright 2011 Business...

Dollar's rate in interbank market.
November 25, 2011... Byline: RECORDER REPORT ======================== Buying Rs 87.60 Selling Rs 87.80 ======================== Interbank closing rates for dollar on Thursday (November 24, 2011). Copyright 2011 Business Recorder

Shipping Intelligence.
November 25, 2011... Byline: RECORDER REPORT =========================================================================== VESSELS ON BERTH =========================================================================== Berth Ship Working Agent Berthing No Date...

THE RUPEE: dollar higher.
November 25, 2011... Byline: RECORDER REPORT The rupee fell in relation to dollar on the currency market on Thursday, dealers said. The rupee dropped by 15 paisa in relation to dollar for buying at 87.65 and lost 13 paisa for selling at 87.67, they said. ...

Rates of Debt Securities.
November 25, 2011... Byline: RECORDER REPORT ======================================================================================================================== ===== RATES OF DEBT SECURITIES...

Member to Member.
November 25, 2011... Byline: RECORDER REPORT ============================================================================== MEMBERS HAVE SUBSEQUENTLY REPORTED THE FOLLOWING TRANSACTIONS MEMBER TO MEMBER...

Cross Transactions between Client to Client & Financial Institutions.
November 25, 2011... Byline: RECORDER REPORT ================================================================= CROSS TRANSACTIONS B/W CLIENT TO CLIENT & FINANCIAL INSTITUTIONS ================================================================= Member Company...

Mutual Funds Association of Pakistan.
November 25, 2011... Byline: RECORDER REPORT ======================================================================================================================== ==================== Names Asset Manager Category Offer Repurchase Validity of Fund Price Price...

BRIndex30 and BR Sectoral Indices.
November 25, 2011... Byline: RECORDER REPORT =================================== BR INDICASE AT A GLANCE =================================== BRINDEX30 - =================================== Day Close: (+) 9,074.88 High: 9,085.34 Low: 8,871.62 Net Change: (+) 173.42...

BOARD MEETINGS.
November 25, 2011... Byline: RECORDER REPORT ================================================ Name of company Date Time ================================================ Honda Atlas Cars 25.11.2011 11:00 am Hajra Textile Mills 26.11.2011 11.30 am Hala Enterprises...

Despatch of dividend warrants.
November 25, 2011... Byline: RECORDER REPORT ======================================================================================= Company Year Ended/Ending Dividend/Bonus Dispatched on...

Proposed right issues.
November 25, 2011... Byline: RECORDER REPORT ==================================================================== PROPOSED RIGHT ISSUE ==================================================================== Company Rate...

Last date of renunciation/payment.
November 25, 2011... Byline: RECORDER REPORT ======================================================================================== COMPANY Trading in L/Right Last Date for Last Date of Spot From Premium w.e.f. Payment/Ren. Trading...

Board Meetings.
November 25, 2011... Byline: RECORDER REPORT ========================================================================================== Company SCHEDULED ON TIME PLACE TO CONSIDER...

Clearing Schedule for T+2 System.
November 25, 2011... Byline: RECORDER REPORT ================================================================ CLEARING SCHEDULE FOR T+2 SYSTEM FOR THE MONTH OF NOVEMBER AND DECEMBER 2011 ================================================================ TRANSACTION...

EFU GUARANT GROWTH FUND Rates.
November 25, 2011... Byline: RECORDER REPORT ===================== Offer Price 619.52 Bid Price 588.54 ===================== EFU Guarant Growth Fund Rates on Thursday (November 24, 2011). Copyright 2011 Business Recorder

EFU Aitemad Growth Fund Rates.
November 25, 2011... Byline: RECORDER REPORT ===================== Offer Price 691.36 Bid Price 656.79 ===================== EFU Aitemad Growth Fund Rates on Thursday (November 24, 2011). Copyright 2011 Business Recorder

EFU Capital Growth Fund Rates.
November 25, 2011... Byline: RECORDER REPORT ===================== Offer Price 253.70 Bid Price 241.01 ===================== EFU Capital Growth Fund Rates on Thursday (November 24, 2011). Copyright 2011 Business Recorder

EFU Managed Growth Fund Rates.
November 25, 2011... Byline: RECORDER REPORT ===================== Offer Price 876.67 Bid Price 832.83 ===================== EFU Managed Growth Fund Rates on Thursday (November 24, 2011). Copyright 2011 Business Recorder

EFU Pension Growth Fund Rates.
November 25, 2011... Byline: RECORDER REPORT ===================== Offer Price 167.56 Bid Price 159.18 ===================== EFU Pension Growth Fund Rates on Thursday (November 24, 2011). Copyright 2011 Business Recorder

NJLI YAQEEN GROWTH FUND RATES.
November 25, 2011... Byline: RECORDER REPORT ===================== Offer Price 635.74 Bid Price 603.94 ===================== NJLI Yaqeen Growth Fund Rates on Thursday (November 24, 2011). Copyright 2011 Business Recorder

NJLI MEESEQ Fund Rates.
November 25, 2011... Byline: RECORDER REPORT ===================== Offer Price 583.86 Bid Price 554.65 ===================== NJLI Meeseq Fund Rates on Thursday (November 24, 2011). Copyright 2011 Business Recorder

NJLI Sarmaya Growth Fund Rates.
November 25, 2011... Byline: RECORDER REPORT ===================== Offer Price 252.89 Bid Price 240.24 ===================== New Jubilee Life Insurance Sarmaya Growth Fund Rates on Thursday (November 24, 2011). Copyright 2011 Business Recorder

NJLI Managed Growth Fund Rates.
November 25, 2011... Byline: RECORDER REPORT ===================== Offer Price 614.45 Bid Price 583.72 ===================== New Jubilee Life Insurance Managed Growth Fund Rates on Thursday (November 24, 2011). Copyright 2011 Business Recorder

Pakistan Government International Bonds.
November 25, 2011... Byline: RECORDER REPORT ====================================================================== Pakistan Government International Bonds ====================================================================== Bid Offer Bid Offer Mid Mid Maturity...

Spot dollar rates.
November 25, 2011... Byline: RECORDER REPORT ======================================= Ex Interbank Rate PKR against USD ======================================= BID OFFER CLOSE ======================================= Ready 87.6500 87.6600 87.6550 1 week 87.8400...

Open market rates of foreign currencies.
November 25, 2011... Byline: RECORDER REPORT ========================================================================= CURRENCY BUYING SELLING CURRENCY BUYING SELLING ========================================================================= US$ O/M 87.60 87.80 Hong...

Currency values in terms of Special Drawing Rights.
November 25, 2011... Byline: RECORDER REPORT ====================================================================================== November 24, 2011 ====================================================================================== Currency units per SDR SDR...

Money Market Report.
November 25, 2011... Byline: RECORDER REPORT Money market report by Khadim Ali Shah Bukhari & Co on Thursday (November 24, 2011). ================================================================= Repo Rates (Yield p a)...

Banks' rates for currency notes (buying and selling).
November 25, 2011... Byline: RECORDER REPORT =================================== Selling Buying =================================== US DOLLAR 88.17 86.01 SAUDI RIYAL 23.51 22.93 UK POUND STG 137.16 133.77 JAPANESE YEN 1.1442 1.1160 EURO 117.98 115.05 U.A.E. 24.01...

Bill buying rates per unit of currency.
November 25, 2011... Byline: RECORDER REPORT ======================================================================== BILL BUYING RATES PER UNIT OF CURRENCY ======================================================================== Bill 30 Days 60 Days 90 Days 120...

Interest rates on new foreign currency deposits.
November 25, 2011... Byline: RECORDER REPORT ================================================= INTEREST RATES ON NEW FOREIGN CURRENCY DEPOSITS US DOLLAR ================================================= PERIOD FOR THE MONTH OF NOVEMBER 2011 % PA...

Interest rates on old and incremental FCY deposits.
November 25, 2011... Byline: RECORDER REPORT ================== Rates % pa ================== USD 0.1000 GBP 0.1000 JPY 0.0000 ================== Interest rates on old and incremental FCY deposits on Thursday (November 24, 2011). Copyright 2011 Business...

LIBOR calculating interest on US dollar.
November 25, 2011... Byline: RECORDER REPORT ========================================= BONDS LIBOR VALUE ========================================= 6 MTHS US DOLLAR 0.7122 24-11-2011 ========================================= London Interbank Offer Rates on for...

Conversion for foreign currency deposits.
November 25, 2011... Byline: RECORDER REPORT =============================================== US DOLLAR POUND STERLING EURO JAPANESE YEN =============================================== 87.5245 136.3720 117.7818 1.1356 ===============================================...

Currency notes: exchange rates.
November 25, 2011... Byline: RECORDER REPORT ============================================= AUTHORISED DEALERS' RATES FOR CURRENCY NOTES ============================================= COUNTRY SELLING BUYING ============================================= USA 88.17...

Exchange rates: buying and selling.
November 25, 2011... Byline: RECORDER REPORT ========================================= Countries Selling Buying Buying TT&OD TT Clean OD/T.CHQ ========================================= USA 87.30 87.10 86.88 UK 135.80 135.49 135.12 EURO 116.81 116.54 116.21...

State Bank of Pakistan conversion rates.
November 25, 2011... Byline: RECORDER REPORT ========================== US Dollar 87.5245 Pound Sterling 136.3720 Euro 117.7818 Japanese Yen 1.1356 ========================== Rates applicable for conversion into rupees of Foreign Currency Deposits, Dollar Bearer...

Barclays bid rates and maximum rates for payment of interest.
November 25, 2011... Byline: RECORDER REPORT ======================================================== INTEREST PAYABLE ON FE DEPOSITS ======================================================== BBA BID MAXIMUM RATES RATES FOR PAYMENT OF INTEREST BY AUTHORISED DEALERS...

Aaj TV - Friday's schedule.
November 25, 2011... Byline: RECORDER REPORT 06:00 News Hour 06:25 Headline News 06:30 News Bulletin 06:55 Headline News 07:00 Bolta Pakistan 07:25 Headline News 07:30 Bolta Pakistan 07:55 Headline News 08:00 News Hour 08:25 Headline News 08:30 Aaj Market Morning...

Saeed Ajmal leapfrogs to top ODI bowler's spot.
November 25, 2011... Pakistan spinner Saeed Ajmal has rocketed to the top of the Reliance ICC Player Rankings for ODI bowlers following an impressive series performance against Sri Lanka in the United Arab Emirates. Ajmal took 11 wickets at an average of just 16.27...

Pakistan meet England in Champions Trophy opener.
November 25, 2011... Byline: RECORDER REPORT Pakistan will face England in its opening match of the Champions Trophy hockey tournament to be played on December 3 in Auckland. In the 8-nation hockey tournament, Pakistan has been placed in Pool A along with...

Pakistan reach women cricket final.
November 25, 2011... Pakistan defeated South Africa by three wickets to qualify for the final of International Cricket Council ICC Women World Cup qualifier here in Sher-e-Bengal stadium, on Thursday. In semi-final match, South Africa batted first and set a target...

Rates decline persists on grain market.
November 25, 2011... Byline: RECORDER REPORT Downward trend again witnessed on the wholesale grain market on Thursday as buyers remained on the sidelines most of the time expecting more decline in the rates, dealers said. On the cereal side masoor dal Canada...

Activity at Karachi and Qasim ports.
November 25, 2011... Byline: RECORDER REPORT The Karachi Port handled 53,306 tonnes of cargo including 29,121 tonnes of import, 24,185 tonnes of export cargo and 1,735 loaded and empty containers (TEUs) during the last 24 hours of business activities ended at...

Oil cake market rates.
November 25, 2011... Byline: RECORDER REPORT The December vaida was higher and the January contract was unchanged on the forward cottonseed oilcake market on Thursday in process of trading, dealers said. The December contract that had ended at Rs 1307.70 opened...

Prices suffer extended losses on cotton market.
November 25, 2011... Byline: DR. ZAFAR HASSAN Cotton prices suffered extended losses on the domestic market in both seedcotton (Kapas/Phutti) and lint categories due to both local and global factors. Locally, despite some recent improvement in textile business...

Altaf urges clerics to avoid provocative speeches during Muharram.
November 25, 2011... Byline: RECORDER REPORT MQM Chief Altaf Hussain urged the religious clerics to bolster inter-faith religious harmony (Ittehad-e-Bainul Muslimeen) and avoid delivering provocative speeches during the holy month of Muharram-ul-Haraam. He said...

Refinery sales down 12 percent in October.
November 25, 2011... Byline: RECORDER REPORT Refinery sales declined 12 percent in October 2011 as compared to the same month last year. In the same way, the refinery sales declined by 5 percent on month-on-month basis in October 2011 as compared to the previous...

Misappropriation of Rs 4.87 million: Lesco CE, other officials handed over to NAB.
November 25, 2011... Byline: RECORDER REPORT An accountability court here Thursday handed-over Lesco Chief Engineer, Farrakh Ali Shah, SDO Manzoor Hussain and Line Superintendent, Ghulam Shabbir to National Accountability Bureau on physical remand and directed...

KESC-industrialists row takes serious turn.
November 25, 2011... Byline: N H ZUBERI The row between industrial and business community and the Karachi Electric Supply Company (KESC) has taken a serious turn as the latter is not prepared to reduce the duration of loadshedding in industrial areas On one hand,...

Hafeez approves NLB's proposed recommendations.
November 25, 2011... The Federal Minister for Finance and Economic Affairs Dr Abdul Hafeez Shaikh approved different recommendations, proposed by National Logistic Board (NLB), while chairing here a meeting Thursday. In a brief presentation, the Director General NLB...

Oxfam: encouraging change in mindsets, attitudes.
November 25, 2011... Following are the excerpts from dialogue with Neva Khan, Country Director, Oxfam GB: Tell us briefly about the programmes, operations and activities of Oxfam in Pakistan. Oxfam has been in Pakistan since 1973, which shows that we have a...