August 14, 2005	Sunday	Rajab 8, 1426

Please Visit our Sponsor (Ads open in separate window)

Mutual funds can invest abroad KARACHI, Aug 13: In what is being seen as a landmark decision, the State Bank has allowed mutual funds operating in Pakistan to invest abroad. But initially the central bank has...		Beef and mutton prices shoot up KARACHI, Aug 13: Meat retailers are charging Rs240-250 per kg for mutton and Rs160 for beef (without bone) as compared to Rs220-230 and Rs140 per kg last month....
Foreign debt rose by $730m in FY05 KARACHI, Aug 13: Pakistan’s foreign debt went up from $33.307 billion in fiscal year 2004 to $34.037 billion in FY 2005, showing an increase of $730million....		Javed Omer Vohra to quit stock business KARACHI, Aug 13: Sponsors of the Javed Omer Vohra & Company Limited (JOV & Co.) appears to have decided to quit the stock business, following sale of their controlling stake to ‘Crescent Standard Brokerage and Investment Services Limited’....
Oil markets in turmoil of real magnitude RIYADH, Aug 13: With prices in the mid-60s range, oil markets are in turmoil of real magnitude. Issues, almost entirely un-related to the fundamentals of the oil markets and that are...		Tax return format notified ISLAMABAD, Aug 13: The Central Board of Revenue (CBR) has notified a new format of sale tax return-cum-payment challan for wholesalers and distributors dealing in the third schedule items of the sales tax act....
FTA talks with China begin tomorrow ISLAMABAD, Aug 13: An inter-ministerial delegation will leave on Sunday for China to participate in the first round of negotiations on bilateral Free Trade Agreement (FTA) between the two countries beginning on August 15-16 at Urumqi....		EDF board may approve several projects KARACHI, Aug 13: The Export Development Fund (EDF) holding its 42nd board meeting on Tuesday in Islamabad is expected to approve funding for a number of projects directly linked with the growth of country’s exports....
Wall Street hit by oil record, big trade gap NEW YORK, Aug 13: US stocks tumbled on Friday as a yet another record high for crude oil and a bigger-than-expected US trade deficit prompted investors to retrench....		SBP issues notices to 9 exchange companies KARACHI, Aug 13: The State Bank has issued show-cause notices to nine exchange companies in B category. The exchange companies that have received show-cause notices include (i) International Exchange Company, Karachi...
Cotton prices fall further by Rs25 KARACHI, Aug 13: Cotton prices on Saturday fell further by Rs25 per maund for the second consecutive day, as ginners were not inclined to hold long positions because of the bearish future world market outlook....		Six bids in sugar tender short-listed KARACHI, Aug 13: The Trading Corporation of Pakistan (TCP) short-listed six bids on Saturday for a tender to import 50,000 tons of white sugar at between $337.45...
Rescinding of drawback notification criticized KARACHI, Aug 13: The Karachi Chamber of Commerce and Industry has criticized the CBR for rescinding 103 duty drawback notification through SRO 782 and 783 of 2005, without giving a cut-off date to exporters....		Pakistan dates show opens in BD DHAKA, Aug 13: Bangladesh Commerce Minister Altaf Hossain Chowdhury inaugurated 3rd Pakistan Date Show in Dhaka, which was organized by Pakistan’s Export Promotion Bureau in collaboration with its High Commission....
Adjudication collectorates abolished ISLAMABAD, Aug 13: The Central Board of Revenue has abolished all the 12 adjudication collectorates by transferring the adjudication powers to executive collectorates....		Badla rates decline KARACHI, Aug 13: The weighted average badla rates on the Karachi Stock Exchange fell from the peak level of 17.9 per cent to 15.10 per cent during the last week in...
Oil prices smash records, hurtle to $67.10 LONDON, Aug 13: Oil prices hit a record $67.10 in New York and shed through an historic 66 dollars in London this week on US refinery outages, while the world’s appetite for energy showed no signs of abating....		US trade deficit nears new high WASHINGTON, Aug 13: The US trade deficit expanded 6.1 per cent to $58.8 billion in June on the back of record high oil prices and is on course to break new records, government figures showed on Friday....
Prospects for Angolan IMF deal slipping LUANDA, Aug 13: Prospects for a deal between Angola and the International Monetary Fund (IMF) that could pave the way for development funds receded on Friday after the oil-rich state signalled it wanted to create its own programme....		Saudi share prices up RIYADH, Aug 13: Strong oil prices pushed Saudi Arabia’s stock index to a record high above 14,000 points on Saturday with petrochemical giant SABIC leading gainers....