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| June 1, 2006 | Thursday | Jumadi-ul-Awwal 4, 1427 |
Stock market crashes on renewed selling
KARACHI, May 31: The KSE 100-share index on Wednesday received another massive battering and fell below the crucial level of 10,000 points on renewed selling fuelled by rumours of clearing problems...
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New mobile players to enter local market
KARACHI, May 31: Mobile users are likely to have many more choices in near future as some new foreign players are planning to enter the rapidly growing Pakistan mobile market shortly....
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Duty, taxes waiver on 16 buses causes Rs50m loss
ISLAMABAD, May 31: The government decision to exempt 16 buses from duty and taxes has resulted in a revenue loss of Rs50.799 million to the national kitty....
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Govt may reduce refinance rate for export trade
KARACHI, May 31: The government is expected to reduce export refinance rates to give some relief to export trade, particularly textiles and clothing, which are facing tough competition from countries of the region....
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Pakistan set to resume wheat export
KARACHI, May 31: Pakistan is likely to lift a two-and-a-half-year ban on wheat exports next month and will be eyeing the Indian market to sell its grain after a good harvest this year, an official said on Wednesday....
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No change in export refinance rate
KARACHI, May 31: The State Bank of Pakistan on Wednesday announced to keep the export refinance rate unchanged for the month of June 2006....
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Oil prices fall on US talks offer to Iran
LONDON, May 31: World crude prices fell heavily on Wednesday as the United States offered to hold direct talks with Iran over the Islamic republic’s disputed nuclear programme, traders said....
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German bank to axe 900 jobs
FRANKFURT, May 31: Commerzbank, the second-biggest listed bank in Germany, said on Wednesday it planned to cut 900 jobs in its retail banking and IT divisions as part of the integration of the newly acquired real estate financier, Eurohypo....
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July-May revenue collection up 20pc
ISLAMABAD, May 31: The Central Board of Revenue collected Rs600.6 billion during 11 months (July-May) of the current fiscal year as against Rs500.544 billion in the same period last year, indicating an increase of 19.98...
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Opec to maintain current output
CARACAS, May 31: Opec will likely maintain its oil output levels for now but should consider a cut by September, Venezuelan energy minister Rafael Ramirez said on Wednesday ahead of a cartel meeting here....
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Dollar steady
LONDON, May 31: The dollar steadied against the euro and yen on Wednesday as the market awaited minutes to the last meeting of the US Federal Reserve’s rate-setting body....
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Lint prices stay firm amid slow trading
KARACHI, May 31: Cotton market on Wednesday maintained a firm trend but ready off-take remained slow as spinners were not inclined to buy at higher asking prices being demanded by ginners....
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Fed ‘uncertain’ on rate hikes
WASHINGTON, May 31: Federal Reserve members were “uncertain” about the need for more rate hikes in the face of inflation “around the upper end” of their acceptable range, minutes from a recent policy meeting released on Wednesday showed....
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New outsourcing countries
AMSTERDAM, May 31: Central and Eastern Europe and North Africa are set to become the next favoured locations for outsourcing centres, especially for companies based in Europe, a survey said....
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India records 8.4pc growth
NEW DELHI, May 31: India’s economy recorded annual growth on Wednesday of 8.4 per cent, beating previous estimates after a record performance in the fourth quarter but the impressive numbers failed to halt another sell-off in the markets....
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Gulf crude freight up
LONDON, May 31: Crude oil freight rates from the Gulf to global refiners rose on Wednesday, but voyages from other key exporting centres like West Africa and the Mediterranean fell, shipping brokers said....
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New York gold drops
NEW YORK, May 31: Gold in New York stumbled on a burst of speculative selling on Wednesday as cautious investors tracked moves in the dollar and oil, though prices stuck to their recent wide trading range, dealers said....
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London sugar eases
LONDON, May 31: London white sugar futures eased on light speculative selling and spread activity on Wednesday, and traders said they expected raw sugar futures to open up to 0.10...
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Palm oil higher
KUALA LUMPUR, May 31: Malaysian crude palm oil futures ended higher on Wednesday, as exports estimates proved higher than traders had expected, dealers said....
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World stocks hit over interest rates
LONDON, May 31: World stock markets recoiled on Wednesday on concern over high interest rates and inflation and weaker economic growth, but European shares firmed after recent sharp losses, dealers said....
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Port Qasim
KARACHI, May 31: Three ships carrying containers, furnace oil and iron ore arrived at the outer anchorage during the last 24 period. Berth occupancy stood at 67 per cent as six...
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Karachi Port operations
KARACHI, May 31: Four ships carrying urea and steel coils are expected to arrive at the outer anchorage on Thursday, according to KPT sources....
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