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CURRENCY BUYING

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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
Nov 28 - Dec 04, 2005

"The government functionaries have very important role to play for bridging the gap between policy formulation and its effective implementation on the ground," said President General Pervez Musharraf.

The second review meeting was held to review progress on National Programme for improvement in water courses in the country. The authorities were asked to gear up their work of brick-lining of water courses as it is an important program. He also focused on the policy for relief, reconstruction and rehabilitation in the quake-hit areas .

"These times of trial have brought us together as they have also shown how vulnerable we can be alone and yet how much more we can do together," said Queen Elizabeth II at the opening ceremony held at a conference centre in the historical heart of Valletta, capita of Malta.

The three-day summit is to bring down trade barriers at next month's World Trade Organization (WTO) talks in Hong Kong and give poor countries greater access to rich markets. Commonwealth Secretary General Don McKinnon said, "Trade is not just an engine for economic growth but is the most potent weapon to combat poverty".

"China is our best friend in the world and, therefore, our importers of dyes, pigments and chemicals should be given preference to import the items from China as they will get 8 percent to 50 percent margin of preference in customs duty from January 2006 under Early Harvest Programs," according to the Federation of Pakistan Chambers of Commerce and Industry.

The liquid foreign reserves of the country held by the end of week on November 19, totaled $11,525.0 million: State Bank of Pakistan.

There is $11,525.0 million total liquid reserve, out of which $8,934.6 million net reserve with SBP and $2,590.4 million net reserve with banks. On November 5, there were $ 11,680.2 million and on November 12, there were $11,544.6 million total liquid foreign reserves.

"Kenya is a gateway to other African states. You people should visit more and strengthen your base in Kenya to sell your products in the entire region," said High Commissioner of Republic of Kenya, Mrs Mishi Maskika Mwatsahu.

Kenyan high commissioner has offered Pakistani businessmen to support and give all facilitation to them, as Kenya is the gateway to 38 African states, which are landlocked to Kenya that has international seaport of Mombasa. She informed that Pakistan had floated tenders for construction of warehouse facility in Kenya, which was very much awaited to increase Pakistan trade share in Africa.

"I do believe that GCC markets will continue to do very well, even though I have to make the caveat that they are among the most expensive equity markets in the world," said Burkhard P. Varnholt, head of Credit Suisse Investment Advisory)

Investment bank Shuaa Capital's UAE index is up 117.2 per cent since the beginning of the year, the Saudi Arabian index has risen 90.7 percent; Qatar has gained 90.4 per cent, Kuwait, 84.2 per cent, Oman, 31 per cent and Bahrain, 24.2 per cent.

"One can never overlook the petroleum and natural resources sector due to its emergence as one of the most prospecting areas for investment owing to attractive incentives and pursuing the policies of de-regulation, liberalisation and privatisation," said Minister for Petroleum and Natural Resources, Amanullah Khan Jadoon.

Pakistan had a fast growing economy and growth rate of over 8 percent has been achieved in the last two years due to far-sighted fiscal policies influenced by the government reducing deficit down from 7 percent to 2.3% last year. The geology of Pakistan provided variety of mineralized zones having metallic and non-metallic minerals, coal, oil and gas for the investors. He said the Pakistan government had introduced a very liberal mining policy for foreign investors supported by investment-friendly regulatory and fiscal regimes.

"Adding some very significant trade contracts signed, more such large-scale deals are expected to take place during the remaining days of the show."

(An official representing organizers said, on the second day of the exhibition.)

The exhibition was ongoing on at the Karachi Expo Center. The exhibition has successfully attracted the attention of international tradesmen and diplomats. Foreign trade missions and commercial counselors of various countries, including Italy, Qatar, Bahrain, Poland, Russian Federation, Ukraine, Germany, Saudi Arabia, and UAE visited the exhibition.

Prime Minister John Howard has said Australia would be investing more in Pakistan in engineering, construction, oil and gas, minerals, infrastructure and property sectors. He expressed his happiness over the launch of Clough Limited centers and expansion of its operations in Pakistan.

"This consultative process is an essential component of policy development and will foster a great sense of ownership on the part of those mostly involved in policy implementation like inspectors, employers and workers,"

(Mohammad Aamir, incharge of 'Legal Cell' at Smeda, NWFP, said)

The Ministry of Labour, Manpower & Overseas Pakistanis (MOL) has started discussion for a comprehensive 'Labour Protection Policy' and a 'Labour Inspection Policy' under Asian Development Bank (ADB) funded project

"It is imperative for our countries to accelerate the process of economic and trade co-operation inside the OIC, which in turn will act as a lever ... to ensure that some of our economies are not further marginalised,"

(OIC Secretary General Ekmeleddin Ihsanoglu said in Istanbul.)

"It is clear that we shall succeed in achieving our development aims by means of the constitution of an Islamic Economic Union," said Sheikh Saleh Bin Abdullah Kamel, President of the Islamic Chamber of Commerce and Industry. The system of trade preferences between the OIC members, development of tourism and intensification of the war on poverty were on the agenda for discussion by 230 representatives from 51 of the OIC's 57 member states.

"The Hong Kong economy is showing a lot of vitality. Consumption is benefiting from a tighter labour market and positive effects from rising asset prices. These two effects counteract the negative effects of higher interest rates," said Rob Subbaraman, senior economist at Lehman Brothers.

 
 

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