Bullish trend was witnessed at the Karachi share market on Thursday on the back of strong interest of foreign investors. The KSE-100 index surged by 94.72 points to close at 9,879.70 points level. The market opened on a strong positive note and the index hit 9,909.70 points intra-day high, up 124.72 points. However, profit taking in some select stocks in late hours minimised the intra-day gains.

Senate standing committee on commerce Thursday asked the trade managers to prepare afresh sugar policy aimed at saving foreign exchange through less imports, making sure purchase of the commodity from the local industry to benefit consumers. In case the government fails to rescue the local industry, it would be difficult for the industry to pay Rs 35 billion to cane growers besides servicing bank loans.

The lawmakers of NWFP on Thursday demanded immediate ban on late night packages offered by all the mobile companies as it was needed to protect the young generations from moral degradation. The PPP's Muhammad Anwar Khan and Tabassum Shams Katozai had moved the resolution with speaker Kiramatullah Khan in chair.

Senate standing committee on commerce on Thursday directed commerce ministry to cancel the permission given for import of 0.05 million tons used lube oil immediately as its import is banned being hazardous for health. The committee, which met here with Ilyas Bilour in the chair, criticised the ministry for granting the permissions for import of hazardous 10 million tons used lube oil without completing laid down procedure for the import of banned item.

Transparency International Pakistan has demanded that the Competition Commission of Pakistan Ordinance, 2007 be re-promulgated in its original form before 27th March 2010 and the Prime Minister of Pakistan shall play his role in CCP case in befitting manner.

Chairman Federal Board of Revenue (FBR) Sohail Ahmed who has been nominated as a director on the Board of Allied Bank Limited by the Ministry of Finance has not accepted the job. On the conclusion of the national conference on Value Added Tax (VAT) organised by the RCCI on Thursday, he informed Business Recorder that there would be a clash of interest in case he joined the board of directors of a bank being chairman FBR.

Bank of Canada Governor Mark Carney said on Thursday that the fallout from the global economic crisis is not yet over, but that innovative central banking has laid the groundwork for a successful recovery. In a speech that made no reference to current interest-rate policy, Carney said key challenges facing policymakers now include reforms to financial regulation and to the international monetary system.

It is clarified that the member directors of the Karachi Stock Exchange (KSE) proposed the name of Hussain Lawai as Chairman of Central Depository Company of Pakistan Limited (CDC) in the board meeting held on Tuesday. The nominated directors opposed the proposal in relation to nomination of Hussain Lawai for the said post and the KSE chairman used his casting vote right against the nomination of Hussain Lawai.

Pakistan and Afghanistan on Thursday signed a joint declaration to strengthen road, rail and air connectivity as well as upgrade existing facilities linking the two countries to enhance bilateral trade to $5billion by 2015.

Members of Parliamentary Committee on Constitutional Reforms have agreed to a joint share of Federation and Provinces in the natural resources ie, lands, minerals and other things of value within the continental shelf or underlying the ocean within the territorial waters of Pakistan, according to sources.

Federal Board of Revenue Chairman Sohail Ahmed on Thursday said the government has not made any commitment with the International Monetary Fund (IMF) and World Bank (WB) and the Parliament would definitely approve the new Federal/Provincial Value Added Tax (VAT) Bills 2010.

The Federal Board of Revenue has asked the Karachi Port Trust (KPT) to pay tax liability of Rs 4.2billion for fiscal year 2008-09. Sources told Business Recorder on Thursday the Regional Tax Office (RTO), Karachi has initiated formal negotiations with the KPT in this regard.

World Bank will extend $250 million loan to gas companies to replace their obsolete transmission lines and distribution systems, official sources told Business Recorder. However, the Bank is not hopeful that the project would solve all the problems in the gas and power sectors that currently result in load shedding, uneven service quality, lack of service and often inefficient use of the various energy sources available to Pakistan, the sources added.

The Federal Board of Revenue has introduced an enabling clause in the Federal Value Added Tax Act 2010 to exempt certain drugs and medicines to facilitate the general masses. Iftikhar Qutub FBR Chief VAT told the national conference on VAT organised by the Rawalpindi Chamber of Commerce and Industry (RCCI) on Thursday that the life saving drugs would be exempted from VAT.

Federal government and affectees of Diamer Bhasha dam have reached an 'out of court' settlement as government will provide Rs 40 billion compensation to displaced people of 31 villages for kicking off the project. The government will build nine model villages for the affectees near the dam.

Mexican tycoon Carlos Slim is the world's richest person, knocking Microsoft founder Bill Gates into second spot, as the wealth of the world's billionaires grew by 50 percent over the last year, Forbes magazine said on Wednesday.