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CURRENCY BUYING

SELLING

US Dollar 59.9 60
Bahrain Dinar 158 158.1
Canadian $ 50.85 50.95
Euro 70.75 70.85
Hong Kong $ 7.65 7.7
Japanese Yen 0.508 0.51
Kuwaiti Dinar 204 204.1
UK Pound 103.7 103.8
Last updated: Friday 23 Dec, 2005-12.30 P.M (PST)

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3 DAYS FORECAST
In oC

CITIES MIN MAX

HUM%

FOR.

KARACHI
Today 12 26 38 Sunny
Tomorrow 11 27 38 Sunny
Day after 11 28 38 Sunny
LAHORE
Today 1 20 87 Sunny
Tomorrow 2 20 87 Sunny
Day after 2 21 87 Sunny
ISLAMABAD
Today 0 18 59 Sunny
Tomorrow 0 18 59 Sunny
Day after 0 21 59 Sunny
HUM%: Humidity In %
FOR.: Weather Forecast
updated: Fri - Sun 23-25 Dec, 2005

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KARACHI         - 021 LAHORE          - 042 ISLAMABAD    - 051 FAISALABAD   - 041 MULTAN          - 061 PESHAWAR    - 0521 CANADA          - 1 KUWAIT           - 965 INDIA               - 91 IRAN                - 98 U.K                   - 44 U.A.E                - 971 U.S.A                - 1

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  FOR THE RECORD

By SYED ATIF ALI
Oct 17 - 23, 2005

"There are no chances for increase in sales this Eid season, as the earthquake has shifted the focus of buyers to play a role now," said partner, Sanallah & Co, Zaki Nawab.

(The Saturday's earthquake in northern parts of Pakistan has dashed the sentiments of consumers. People are not eager for Eid shopping now and most of them are inclined to donate for earthquake victims.)

"Indian Prime Minister Manmohan Singh during his visit to the valley on Tuesday pledged five billion rupees to rebuild the earthquake devastated localities in held Kashmir," said an Indian official.

"Despite bad weather, all efforts are being made to send relief material to forward villages. The bad weather has only slowed the process," said Army Colonel H. Joneja.

(Bad weather is stopping rescue teams from rescue operation.)

"We desperately want tents for shelter, warm clothes for our children - otherwise they will die," says Farooq Ahmad, a resident of Uri.

(Himalayan winter is the new threat to earthquake survivors. People are homeless and can't find shelter to protect themselves from freezing cold.)

"High inflation rate is a great concern for the government that had touched as high as 11.5 percent, which has been brought down to 8.5 percent after liberalizing import of essential items. Moreover, since the domestic production is contributing now, the inflation would further decline," said economic adviser to Prime Minister Dr. Salman Shah

(The government would be targeting to reduce the inflation rate from current 8.5 percent to 7 percent in FY06.)

"The fiscal deficit remains at an unacceptable high level. As revenues are rising, so is expenditure. We are in danger of sliding back on our commitment to fiscal responsibility," Indian Prime Minister Manmohan Singh told heads of 15 Congress-ruled states.

"We expect 12 percent to 15 percent annual growth in China's aviation industry over the next three to five years. Beyond 2010 the market will slow but still show growth," said Ma Xulun, President Air China.

(Air China plans to invest more than 3.5 billion yuan (431 million dollars) in its Beijing hub over the next two years as it looks to key markets for future growth.)

"Saturday's earthquake would not affect country's GDP growth rate," said Adviser to the Prime Minister on Finance Dr Salman Shah.

"Large-scale purchase of medicines from the local market for donations to the relief effort in the Northern Areas has resulted in an acute shortage of various life-saving drugs in Karachi," according to report.

"Italian construction firm Impregilo and its international consortium won a 4.4 billion euro ($5.3 billion) contract to build the world's longest suspension bridge to link Sicily to mainland Italy," spokeswoman of the company.

(Impregilo is joined by Japan-based Ishikawajima-Harima Heavy Industries, Spain's Sacyr Vallehermoso and small Italian firms. Impregilo beat a bid by another consortium led by Italian rival Astaldi. Building is due to start next year and finish in 2012.)

"America's freight rates to Asia rising," said traders.

(Freight rates from the Americas to Asia were rising as harvest shipments built up in the United States and Canada)

"The government has obtained $409 million foreign loans besides its domestic borrowing of Rs 126.404 billion from March to May, 2005," government told the national assembly.

(The Minister of State for Finance and Revenue, Omar Ayub Khan told that foreign loans amounting to $409 million were obtained/contracted by the government from the banks and financial institutions. According to details, loans have been obtained for education, water, power and governance sector. Nearly $150 million are for power, $124.9 million for water, $27.9 million for education and around $106.2 million were obtained from banks and financial institutions for governance sector. On the domestic front, the government borrowed Rs 126.404 billion from the banking and non-banking sources during the period of March to May 2005.)

"Pakistan's economy faces risks from oil price hike and security situation," said Asian Development Bank report.

"Out of 90 per cent tannery workers belonging to Punjab, Mansehra, Hazara, etc., 50 per cent have returned to their respective affected areas. Even chowkidars and drivers from Mansehra, Hazara and Muzaffarbad have gone back," Korangi Association of Trade and Industry Chairman Gulzar Firoz.

(Many industrial workers from the quake-hit areas are in the process of going back, as huge rush at upcountry bus routes and railway stations is causing delays in their timely departure.)

"Cut-off yield on TBs remains unchanged."

(The State Bank kept cut-off yield on T-Bills unchanged. It was expected that State Bank might have increased the cut-off yield on 6-month T-bills rates to cop with rising inflation.)

"The rise in China's short-term foreign debt reflected continued hot money inflows, showing speculation on a further rise in the yuan remains strong, despite the revaluation," said Xiao Minjie, economist at Daiwa Institute of Research in Shanghai.

(China's foreign debt rose 3.8 percent in the second quarter to $266.2 billion, indicating continued speculation for a further appreciation in the yuan)

 
 

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