FOR THE RECORD
 

.

Sep 12 - 18, 2005
.

 

"Dubai Bank has decided to buy the equity stake to the tune of rupees 375 million (dollars 6.28 million), or 18.75 per cent," said Sheba Matin Khan, a spokeswoman for the BankIslami.

(Dubai Bank, a subsidiary of Emaar Properties of the United Arab Emirates, plans to buy an 18.75 per cent stake in BankIslami Pakistan Ltd,)

"Bidding for the sale of 96.34 percent shares of Javedan Cement Limited (JCL) would be held as per schedule on September 14, 2005 (Wednesday) in Islamabad," according to a spokesman of Privatisation Commission.

Bidding for the sale of Javedan Cement Limited (JCL) would be held on September 14th. The Privatisation Commission has asked the potential bidders to deposit the required earnest money, latest by September 9, 2005, to become eligible to participate in the bidding process.

"In the last few years there is a substantial development of relation between the two friendly nations in every aspect, including diplomatic relations, especially trade relations," said Consul of Thailand in Karachi Vithitp Powattpuasun.

(The Department of Export Promotion, Ministry of Commerce, Royal Thai Government, in association with Thai Consulate General, Karachi and Thai Trade Centre, Dhaka is organising a three-day "Thailand Exhibition-2005" from September 10 to 12)

"Although Pakistan has shown some improvement in the area of poverty reduction, but it was still a big challenge for the country," Asian Development Bank (ADB) President Haruhiko Kuroda.

(Asian Development Bank (ADB) President Haruhiko Kuroda said that Pakistan was doing extremely good on economic front and its pace of development in various key areas was much better than other regional countries. He expressed dissatisfaction over Pakistan's poverty level and suggested that Islamabad should do more for better performance in this area.)

"It is about time this deal happened. It is long overdue," Indian Civil Aviation Minister Praful Patel.

(Indian Prime Minister Manmohan Singh said that his government had cleared the purchase of 43 aircraft from European plane maker Airbus for state-run Indian Airlines to replace its ageing fleet. The value of this contract will be in the region of $2.2 billion)

"Now it is time to curtail inflation and apply tight monetary policy. Earlier, we had made the monitory policy easy, due to which the income of people increased significantly. Income of rich people increased more rapidly than poor people," State Bank of Pakistan (SBP) Governor Dr. Ishrat Hussain.

(Governor State Bank said that SPB had sent a request to the Privatisation Ministry for auction of Pakistan Investment Bond (PIB), and hoped that it would be auctioned within this month, or next month. SBP is intending towards tight monetary policy.)

"The Fed will overlook the strength in the economy before Katrina and focus more on getting the economy back on its feet and probably will hold policy steady until we see how the economy is actually dealing with the shock of lost jobs and high gasoline prices resulting from Katrina," said Gary Thayer, chief economist at A.G. Edwards in St. Louis.

(Growth in the US service sector accelerated in August, a report showed , with widespread strength in demand for services, as well as employment, in the month prior to Hurricane Katrina.)

The results of UNCTAD's global surveys ... all point in the same direction: the FDI recovery will continue, although there are some threats which may weaken the momentum. The recovery is increasingly fuelled by investment in developing countries," The United Nations Conference on Trade and Development (UNCTAD)

(Global foreign investment levels look set to rise in coming years, with emerging markets in Asia and Eastern Europe likely to benefit most from the flows, the UN agency UNCTAD said.)

"I feel that Pakistan and Kenya need a big boost to upgrade their bilateral relations through interaction at the highest level and I have been endeavouring for such an interaction," Pakistani High Commissioner to Kenya, Syed Zahid Hussain.

(High Commission and Export Promotion Bureau (EPB) would make the warehouse scheme operational in Kenya soon to boost Pakistani exports to Kenya.)

 

"Industrialisation grew by 40 percent last year, and some 900 companies from 60 different countries are currently running business from there and investment has surpassed over $2 billion," Hamriyah Free Zone (HFZ) Director-General Dr Rashid Al Leem.

(The Sharjah government has invited Pakistani investors to set up their industries in Hamriyah Free Zone. Hamriyah Free Zone (HFZ) Director-General Dr Rashid Al Leem extended this offer to Pakistani investors at a seminar, organised by Hamriyah Free Zone Authority in a bid to motivate Pakistani business community to establish and set up their unit in HFZ.)

"As monetary authorities, we have one request and just one request alone, that is, our creditors and the international community should not, as I have said before, take precipitous actions whose effect is to blunt or negate the turnaround efforts currently under way," Zimbabwe's central bank governor Gideon Gono.

(Zimbabwe's government made an indirect appeal to the International Monetary Fund not to expel the cash-strapped southern African country at a meeting later last week.)

"Iran's consumer price inflation slowed to 11.7 percent year-on-year in the 12 months to July 22, the lowest rate for more than three years," central bank of Iran.

"Now we expect about $12 million, The company's target is to double the first six months' profit, maybe a little less," Ahmed al-Qattan, Vice Chairman and Managing Director, Al-Khaleej Development Co.

(Bahrain-based Al-Khaleej Development Co, which makes its debut on the Kuwait Stock Exchange on Monday, aims to almost triple net earnings in 2005).