Sep
1
Arab group claims Man City deal
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A Middle-East company claims to have completed a takeover of Premier League side Manchester City.
Abu Dhabi United Group Investment and Development Limited says it has bought the club from Thaksin Shinawatra.
“The investment services and development in Abu Dhabi has successfully completed the huge takeover,” its statement read.
City have said discussions are ongoing and BBC Sport understands Thaksin is eager to retain an interest in City.
Aug
30
England defeated South Africa by 126 runs in the third one-day cricket match at the oval, to take an unassailable lead of 3-nil in the five match series.
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Batting first, England made 296 for 7 from 50 overs. Andrew Flintoff hit 78 not-out while Ian Bell scored 73 runs. South Africa were never up with the rate as they were bowled out for 170 in 42.4 overs with Patel taking 5 for 41 to cap a memorable match.
Aug
29
Tour De France quadruple-stage winner Mark Cavendish won the first stage of the tour of Ireland cycle race.
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The official start of the first stage was at Dundrum, about 10 kilometers from the centre of Dublin and the first serious breakaway came around 35 kilometers later. No-one could match Cavendish’s sprinting power at the end and he was followed across the line by New Zealander Julian Dean of Garmin Chipotle and Joker Bianchi’s Alexander Kristoff from Norway.
Cavendish finished the 192 kilometers stage in five hours and nine seconds.
The 2008 tour of Ireland is set to be the toughest yet, with five difficult stages over 900 kilometres from Dublin to cork.
Aug
29
Pakistan takes on South Korea in the semifinal of 14th junior Asian volleyball championship in Tehran today.
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In the quarter final round, Pakistan defeated strong teams like Australia and Japan.
Aug
22
Twenty-one more gold medals are up for grab today at the Beijing Olympics.
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The evens are athletics, beach volleyball, canoeing, cycling, hockey, modern pentathlon, table tennis, and Taekwondo. China continues to maintain its lead on the medals table with 46 golds while the US has 29 gold medals to its credit.
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Aug
22
Pakistan’s disappointing hockey campaign at the Beijing Games finally came to an end when they were defeated 4-2 against New Zealand to be placed at number 8th today.
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This was Pakistan first ever loss to the Kiwis in the Olympics.
Earlier they also lost to Great Britain in the Olympics for the first time in 56 years.
Pakistan only managed to score two goals as New Zealand trounced the green shirts with utmost ease.
Lack of fitness and flair was eminent on the field as the kiwis tore through the Pakistani defense time and again scoring 4 goals.
Total humiliation was saved as Rehan Butt scored a late second half goal to grab some salvation for his team.
They finished 8th in the 12 team competition and have also failed to qualify for the next Champions Trophy.
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Aug
20
Sharia banking may touch $1trn in 2 years
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Today, the Sharia finance and banking industry is one of the fastest growing markets in the world and is estimated to be worth more than US$1 trillion in the next 2 years, according to the UK-based Securities & Investment Institute.
Unaffected by the subprime crisis, projections suggest that this market will grow by 15 per cent per year over the next decade and will account for 60 per cent of the savings of the world’s 1.2 billion Muslim community, in that same period.
The Securities & Investment Institute (SII), the leading financial services educational body in the area of Islamic finance, first announced the development of its benchmark Islamic Finance Qualification (IFQ) in 2005.
This is said to have captivated global interest, and last year the IFQ was sat by 285 candidates around the world. SII has designated Singapore as its first choice for the regional launch of the IFQ. The Institute is also working with financial services regulators throughout the Middle East including all the Gulf Corporation Council countries (GCC).
IFQ is sold in 53 countries and has become a required qualification in a number of finance houses and government institutions around the globe. It has just become the first and only Islamic finance qualification on the UK list of recommended examinations.Singapore as a regional economic hub is said to be ideally located to reach to the developing countries of S.E. Asia to provide service and products to the rapid growth in the Islamic Finance industry.
The launch of the SII Islamic Finance Qualification from Singapore provides the perfect tool for consumers in the region to gain the prerequisite background to assess wholesale instruments, such as Sukuk, Islamic bonds or retail products such as Islamic mortgages.
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Aug
20
Prices of ghee, oil decline
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The prices of ghee and cooking oil in the local market have fallen after palm olien rates declined in international market. However, the producers of branded ghee and oil have not reduced their rates.
The price of 16 kg ghee and cooking oil tin plunged to Rs1,950 from Rs2,100 in Punjab two weeks ago.
In Karachi, the rate of 16 kg ghee tin is quoted at Rs1,820 as compared to Rs1,900 on Tuesday.
The palm olien rate fell to $1,000 per ton from $1,200 two weeks back.
Its price in local market also dropped to Rs3,850 per maund (37.25 kg) from Rs4,200 in the last two weeks.
The branded ghee and cooking oil producers also did not pass the impact of the falling palm olien prices in the world market to consumers in March this year.
The Pakistan Vanaspati Manufacturers Association (PVMA) chairman Abdul Wahid told Dawn from Islamabad that the falling crude oil prices had made an impact on various commodities, including palm olien.
He said the 16 kg tin’s rate fluctuates almost on daily basis keeping in view the palm olien rates in Malaysia and Indonesia.
When asked as to why the branded ghee and cooking oil producers, who are also PVMA members, have been reluctant in cutting the rates, he said that being the chairman he urged them to follow suit but so far there had been no response.
He was of the view that the branded product producers might come out with some discount schemes in Ramazan to show their sympathy with the consumers.
According to Mr. Wahid Pakistan consumes 3.2 million tons of ghee and cooking oil per annum, in which the share of oil ranges between 35-40 per cent while ghee holds the share between 65-70 per cent.
He said that the government was still pocketing Rs30 per kg in terms of taxes and duties.
A leading branded product producer ruled out any decline in the prices of 2.5 to 5 litre/kg tins in the coming days by saying that the falling rupee value against the dollar, one per cent raise in GST and income tax, 30 per cent rise in gas prices, higher wages and transportation cost on inflating petroleum prices have nullified the impact of declining palm olien rate on the local rates.
Branded ghee and cooking oil prices have surged substantially in the last two years. In Sept 2006, five kg Dalda ghee tin was priced at Rs395 while it is now quoted at Rs775.
He said as a result of the rising price of 2.5 and 5 kg/litre tins, the market share of one kg pouch, which was five to 10 per cent a year ago, has surged to 30 per cent as consumers prefer to buy smaller quantity as per their requirement.
The packer said that if the palm olien rate would have not fallen then the local rates would have surged by Rs10-15 per kg.
He said that the workers in the factories had been demanding increase in wages after persistent increase in prices of essential items and higher utility, petrol and diesel rates.
Surprisingly, the government had not asked the branded packers as to why the rates had not been brought down despite a cut in palm oil rates in March and in the last two weeks.
A PVMA member said that there was a need to cut the sales tax and import duty on palm oil so that consumers could get an immediate relief. A sizable quantity of palm olien has been arriving from Malaysia following a 10 per cent duty cut on its imports from Jan 1, 2008, under the Free Trade Agreement (FTA) with Malaysia. However, its impact on the price was just Re1 per kg.
Palm oil imports in 2007-08 surged by 3.28 per cent in quantity and 76 per cent in value to 1,766,471 tons ($1.6 billion) as compared to 1,710,437 tons ($916 million) in 2006-07.
According to figures of Federal Bureau of Statistics (FBS), soyabean oil imports also rose by 123 per cent in quantity and 154 per cent in value to 108,382 tons ($103 million) in 2007-08 as compared to 48,492 tons ($140 million) in 2006-07.
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Aug
20
Stocks end with clipped gain of 200 points
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Stocks came in for an active follow-up support on selected counters on Tuesday but late profit-selling allowed them to close with clipped gains amid fears about the smooth functioning of the coalition as leading partners differ on some other crucial issues.
The Karachi Stock Exchange (KSE) 100-share index ended with a clipped gain of 200 points at 10,919.06.
The post-Musharraf buying euphoria was, however, maintained though on a slow pitch as investors continued to build-up long positions on oil and banking sectors on the perception of political stability in future and the relative strength of the rupee against the US dollar.
The immediate positive reaction to the president’s exit may well be had from the fact that sanity prevailed on the financial and the stock markets and a sizable section of investors was back and resumed normal trading activity.
“The strong recovery in the value of the rupee may prove short-lived,” said a leading analyst, adding: “the massive fiscal deficit can again erode its value.”
Instances of foreign buying on selected oil and banking counters were not wanting as was reflected in an increase in the SCRA balances but some analysts said the current rescue operation is essentially based on local equity market support fund managed by the NIT and some leading punters.
After breaching through the barrier of 11,000 points at 11,054.65, the KSE 100-share index later reacted to close with a clipped gain of 199.44 points or 1.86 per cent at 10,919.06.
The leading base shares, notably OGDC, MCB Bank, National Bank, Pakistan Petroleum and Pakistan Oilfields again came in for strong support and rose sharply higher.
A section of leading analysts still doubt about the smooth working of the coalition government as leading among them have different views on another crucial issue after the exit of president Musharraf, the restoration of the sacked judges.
But some others hope their future actions would be based on the wisdom as any other adventure would hurt the already weak economy beyond corrective steps.
Shell Pakistan again dominated the trading, up by another Rs22.11 for the third straight session followed by JS & Co, higher by Rs18.70.
Other leading gainers were led by Adamjee Insurance, MCB Bank, JS Global, EFU Life, Attock Petroleum, PSO, HinoPak Motors, Engro Chemical and Unilever Pakistan, up by Rs10.21 to Rs18.
Pakistan Engineering and Lakson Tobacco were off by Rs19.80 and Rs18.43, respectively, followed by Habib Bank, Javedan Cement, Mitchell’s Fruits, Murree Brewery, New Jubilee Insurance and Sapphire Fibres, up by Rs4.26 to Rs11.99.
Trading volume rose further to 211m shares from the previous 159m shares as gainers held a lead over losers at 165 to 138, with 12 shares holding on to the last levels.
OGDC topped the list of actives, higher by Rs4.77 at Rs123.45 on 22m shares followed by National Bank, firm by Rs1.97 at Rs126.50 on 18m shares, Arif Habib Securities, higher by Rs4.33 at Rs126.70 on 11m shares, Bank Al Falah, lower by 65 paisa at Rs40.65 on 6m shares, Pakistan Petroleum, up Rs5.37 at Rs237 on 6m shares Pakistan Oilfields, higher by Rs14.12 at Rs296.69 on 5m shares and Lucky Cement, firm by Rs2.04 at Rs75.80 also on 5m shares.
Other actives were led by Zeal Pak Cement, easy by 53 paisa at Rs1.56 on 22m shares, followed by NIB Bank, up 20 paisa at Rs10.44 on 16m shares and TRG Pakistan, lower by 18 paisa at Rs4.87 on 5m shares.
FORWARD COUNTER: OGDC led the list of actives on this counter, up by Rs4.59 at Rs12.45 on 4m shares, followed by National Bank, higher by Rs1.80 at Rs126.75 also on 3m shares NIB Bank, steady by 28 paisa at Rs10.52 on 3m shares.
MCB Bank followed them, sharply higher by Rs14.87 at Rs316.90 on 2m shares and Arif Habib Securities, Rs4.41 at Rs127.01 also on 2m shares.
DEFAULTER COs: Norrie Textiles came in for active selling at the overnight higher levels and was marked down by 10 paisa at Rs1.75 on 1.221m shares followed by Japan Power, off one rupee at Rs5.95 on 0.335m shares. Others were traded modestly amid two-way price movements.
DIVIDEND: Indus Motors, final cash 65 per cent, interim 40 per cent already paid, Shabbir Tiles, cash 20 per cent, bonus share of an identical amount, JS Global, cash final 50 per cent, bonus shares 39.999 per cent, JS & Co, interim, bonus shares, 243.778 per cent, Atlas Fund of Funds, 7.5 per cent, Pakistan International Containers Terminal, cash 30 per cent on ordinary shares and 10 per cent on preference shares and Javedan Cement nil.
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Aug
15
In Beijing Olympics, Pakistan plays their third hockey match against Australia today.
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The green shirts must win this match to remain in race for a medal. Pakistan had lost their opening match against Britain while won the second against Canada.
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