28 July 2004 Wednesday 10 Jamadi-us-Saani 1425 Sugar export linked to cane crop size KARACHI, July 27: The federal government would decide what to do with 270,000 tons of sugar, lying with the Trading Corporation of Pakistan (TCP) as a buffer stock. It can either save it for export or keep it for the local consumption after ascertaining the actual sugarcane crop size. ... Reforms should focus on removing mistrust: FTO KARACHI, July 27: Federal Tax Ombudsman justice (rtd) Saleem Akhtar on Tuesday said that the ongoing process of reforms in the Central Board of Revenue should focus on creating spirit of confidence by removing mistrust between tax collectors and taxpayers. ... Revised companies ordinance notified ISLAMABAD, July 27: The Securities and Exchange Commission of Pakistan notified here on Tuesday the revised Fourth Schedule to Companies Ordinance to bring it into line with the International Accounting Standards (IAS) ... Water scarcity may hit winter wheat crop KARACHI, July 27: Pakistan is likely to face a shortage of water to irrigate its winter wheat crop because of lower-than- expected monsoon rains in July and slower snow-melting which has reduced water levels at the country's two main reservoirs ... Record number of applications received: PPL offering ISLAMABAD, July 27: The Initial Public Offering (IPO) of 10pc shares of Pakistan Petroleum Limited, which has been oversubscribed has set a new record by crossing the number of applications to half a million from the general public, according to the reports received so far. ... Exports to Kabul decline by 44pc ISLAMABAD, July 27: Pakistan's exports of five major products to Afghanistan declined by an average 44pc in 2003-04. Official sources told Dawn on Tuesday the decline registered in exports of wheat/flour, rice ... Car dealers protest against CGO KARACHI, July 27: Used and reconditioned car dealers kept their shutters down throughout the day on Tuesday to protest against the Customs General Order (CGO) regarding the import of cars. ... Siemens to bid for PTCL subsidiary KARACHI, July 27: Siemens Pakistan Engineering Company Limited would participate in the bidding to purchase 100 per cent PTCL shares in Carrier Telephone Industries (Pvt) Limited (CTI). ... Reference held for ITAT chief KARACHI, July 27: A reference was held on Tuesday for Khawaja Farooq Saeed on his elevation to chairman of the Income Tax Appellate Tribunal (ITAT), Pakistan. ... Pakistan to seek access to Kenyan market ISLAMABAD, July 27: Pakistan will seek more market access for its new products in Kenya to reduce the trade deficit between the two countries. ... Active trading on cotton market KARACHI, July 27: Active trading was witnessed on the cotton market on Tuesday as spinners lifted all the lots offered for sale by the ginners at the lower rates. ... 32-point fall wipes out Rs10bn from stock market KARACHI, July 27: Stocks on Tuesday fell on a wide front as weak holders continued to unload their long positions fearing a badla-related sell-off but unlike the previous sessions there were buyers at the dips. ...

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