05 June 2004 Saturday 16 Rabi-us-Saani 1425 Strike costs 80 per cent industrial output KARACHI, June 4: Business activities came to a grinding halt on Friday followed by over 80 per cent production losses suffered by city's industrial units as a result of strike call given by Muttahida Majlis-e-Amal ... Parco prepays $387m loan KARACHI, June 4: Pak-Arab Refinery Company (Parco) repaid $387 million to an international lender seven years ahead of schedule, thus clearing a $600 million foreign loan it obtained for the construction of its refinery at Multan. ... Textile sector posts 2.5pc loss in a year KARACHI, June 4: Pakistan's fabulously rich textile tycoons have baffled the State Bank of Pakistan, financial experts, textile surveyors and also the lay man of Pakistan by declaring that they were losing by a margin of more than 2.5 per cent ... Five-star hotel planned at Faletti's site LAHORE, June 4: 4B Marketing, which made the highest bid of Rs1.21 billion for Faletti's Hotel at the property's auction by the Privatization Commission on May 29 ... Shareholders can contest company election ISLAMABAD, June 4: The shareholders who intend to contest election for a company's board of directors cannot be deprived of their rights in this regard just on technical grounds, the Securities and Exchange Commission of Pakistan has ruled. ... TCP may float wheat tender by month-end KARACHI, June 4: The Trading Corporation of Pakistan is expected to float first tender for import of 250,000 to 300,000 tons of wheat by the third week of this month. ... Govt may withdraw income tax exemptions ISLAMABAD, June 4: The government is considering a proposal to withdraw around 10 income tax exemptions in the upcoming budget, informed sources told Dawn on Friday. ... CBR warns against tax relief ISLAMABAD, June 4: Tax authorities have warned the finance ministry that any major tax relief in the budget would toughen the Central Board of Revenue (CBR) task to achieve the proposed Rs576 billion revenue target for the year 2004-05. ... Cotton market lacks trading interest KARACHI, June 4: The cotton market on Friday lacked normal trading interest as both buyers and sellers remained conspicuous by their absence because of a general strike called by the MMA. ... Index up 84 points in restricted trading KARACHI, June 4: Stocks staged a smart rally on Friday as bulls were back in the market and covered positions at the overnight lower levels on all the counters, wiping out a good part of the overnight massive fall. ...

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