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October 3, 2006



October 3, 2006

Conversion rates

KARACHI: The State Bank has announced the following rates for conversion into rupees of foreign currency deposits, Dollar Bearer Certificates, Foreign Currency Bearer Certificates, Special US Dollar Bonds and profits thereon by all banks and for providing forward cover on foreign currency deposits, excluding FE 25 deposits, on Tuesday.

US dollar Rs60.5730

Japanese yen Rs0.5119

Pound sterling Rs113.2109

Euro Rs76.7520

Gold prices gain

LONDON: Gold drifted higher to trade above $600 an ounce in European business on Monday, but dealers said bullion lacked the drive to rise sharply in the near term. Spot gold hit a high of $603.70 an ounce and was quoted at $601.10/601.85 by 1441 GMT, up from $598.90/599.90 late in New York on Friday, when it dropped more than $4. “The market continues to edge higher but it’s range-bound. It’s going to require a lot more to kick it out of the range that we have seen recently,” said Peter Hillyard, head of metals sales at ANZ Investment Bank.

Lahore stocks gain 26 points

LAHORE: Bulls staged a comeback in Lahore stock market on Monday as LSE-25 index gained 25.92 points to close at 4,458.87 from the weekend’s 4,432.95. The total turnover also corresponded to uppish trends by rising to 32.045 million shares against Friday’s 29.095 million, showing an increase of 2.950 million. Of a total of 102 active scrips traded on Monday, 29 moved up, 23 shed value while another 50 equities remained even. MCB Bank Limited, United Bank Limited and National Bank of Pakistan were the major gainers of the day while Pioneer Cement Ltd, Union Bank Ltd and Sui Southern Gas Pipelines Ltd figured high on the negative column. Fauji Cement Company with 4.476 million shares emerged as the volume leader of the day, followed by Sui Southern Gas Company and National Bank of Pakistan.

BD vessels employ Pak seafarers

By our


KARACHI: Pakistani seafarers have started getting employment opportunities on Bangladeshi vessels as a result of efforts made by the directorate of ports and shipping for enhancing job opportunities. The number of Pakistani seafarers employed on foreign flag vessels had dropped from 10,000 to 6,000 in the aftermath of World Trade Centre incident. A press release issued by the directorate of ports and shipping said it was encouraging that cooperation by Bangladesh in the shipping sector was opening avenues of employment for Pakistani seafarers. It said such efforts made to explore job opportunities on foreign flag vessels would not only address the unemployment problem, but would also boost remittances, having a positive impact on the country’s economy.

Corporate governance survey launched

ISLAMABAD: A country-wide corporate governance survey as part of their combined efforts to improve corporate governance practices within Pakistani companies and banks launched here on Monday. The International Finance Corporation (IFC), Securities and Exchange Commission of Pakistan (SECP) and Pakistan Institute of Corporate Governance (PICG) will be launching the survey. The survey is the first such initiative in Pakistan and intends to serve as a reference point to promote corporate governance reforms in the country. The survey is part of the IFC’s Pakistan Corporate Governance Project and its efforts to promote corporate governance reforms. ACCA Pakistan, which has extensive international experienced and corporate governance expertise to ensure the quality implementation of the survey, will be conducting the survey on behalf of IFC, SECP and PICG.

Shafqat Ellahi elected APTMA chairman

By our correspondent

KARACHI: Shafqat Ellahi Shaikh has been elected Chairman of All Pakistan Textile Mills Association for 2006-07. He was elected unopposed at the 48th Annual General Meeting (AGM) of APTMA, held at APTMA House, Lahore, the other day. He has served the association in various capacities over the years as the member of Customs & Sales Tax Committee, Legal Affairs Committee, Adiministration Committee and also as Chairman Polyester and Synthetic Textile Committee for over five years. He has also served as Chairman APTMA Punjab Zone, for year 2005-06. He was also selected as member in recently constituted committee by Prime Minister Shaukat Aziz to formulate a “National Strategy on Textile”. Shafqat Ellahi Shaikh is the Managing Director of Nagina Group, which is one of the oldest textile groups in the country.

R&D facility’s scope extended

By our correspondent

KARACHI: The State Bank of Pakistan, following instructions from the Ministry of Commerce, has allowed commercial banks to start paying six per cent research and development support on the export of garments to three new destinations - Australia, Japan and Switzerland. In a circular, the central bank’s Exchange Policy Department said, “authorised dealers (banks) are advised to bring (this decision) to the notice of all constituents (exporters).” According to revised order of the Ministry of Commerce, the R&D facility, started in 2005, will expire automatically on June 30, 2008.

Nooriabad Association

By our correspondent

KARACHI: Senator Mohammad Amin Dadabhoy was elected unopposed Chairman of Nooriabad Association of Trade and Industry (NATI) for the year 2006-07. Fazal Karim and Asif Ishtiaq were also elected unopposed Senior Vice Chairman and Vice Chairman of NATI in the recent election.

BD revenue receipts rise

DHAKA: Bangladesh’s revenue receipts rose 8.29 per cent in August to 25.89 billion taka ($383.96 million) from a year earlier, but were short of a 34 billion taka average monthly target, according to government data on Monday. In July-August, the first two months of the current fiscal year, revenue collection totalled 50.35 billion taka, up 10.43 per cent from a year earlier. Value added tax collections totalled 20.11 billion taka, up 17.77 per cent from a year ago. July-August customs duty receipts were up 3.8 per cent at 12.96 billion taka, while income tax receipts rose 17.92 per cent to 6.73 billion taka.

DME to use NYMEX technology

DUBAI: The Dubai Mercantile Exchange (DME) will adopt the electronic trading technology of the New York Mercantile Exchange (NYMEX) for the Middle East’s first energy futures exchange, it said on Monday. The DME, a joint venture between Dubai emirate and NYMEX, is set to start Oman crude futures trading before the end of 2006, the first oil futures contract traded in the Middle East. It will also trade Brent-Oman spreads and WTI-Oman spread contracts and plans to launch a jet fuel futures contract in 2007. A DME statement said the platform, called DME Direct, would provide real time reporting of DME quotes and trades to market data vendors through NYMEX’s price reporting system.

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