May 11, 2005	Wednesday	Rabi-us-Sani 2, 1426

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ADB to fund Rs27.3bn cross-border road project ISLAMABAD, May 10: The Asian Development Bank (ADB) has agreed to fund a mega cross-border infrastructure development programme aimed at creating a sub-regional corridor from the Gwadar port to Afghanistan and...		Exports to Asean at less than $350m KARACHI, May 10: Pakistan’s exports to the member countries of the Association of South Asian Nations or Asean rose slightly to $262 million in nine months of the current fiscal year from $254 million in the same period of the last fiscal....
Sindh framing investor-friendly policies KARACHI, May 10: The Sindh Government was framing such policies that could attract investors from all parts of the country and abroad to achieve rapid industrialization of the province. This was stated by Adviser to the Chief Minister...		Rates hike not to affect economic growth: Ishrat LAHORE, May 10: The State Bank Governor Dr Ishrat Hussain on Tuesday said the hiking interest rates would lower the demand for bank credit by the private sector but would not...
Reliance eyeing ICI Pakistan deal for $300m New Delhi, May 10: Reliance Industries is likely to embark on India’s largest ever investment in Pakistan. It is believed to be in advanced negotiations to acquire the petrochemicals business of...		Confiscated vehicles auction by June 30 ISLAMABAD, May 10: The chairman, Central Board of Revenue, M. Abdullah Yusuf on Tuesday asked the collectors of customs that all the confiscated and tempered vehicles should be disposed of latest...
Cotton crop of over 15m bales expected KARACHI, May 10: Pakistan expects a big cotton harvest of more than 15 million bales in the current 2005-06 crop year due to a projected increase in area and higher yields, an official said on Tuesday. Qadir Bux Baloch,...		China ready to relax exchange rate: US WASHINGTON, May 10: China has made “sufficient progress” to introduce exchange rate flexibility now, a US Treasury spokesman said following meetings between Chinese and US financial officials on Monday. Mid-ranking officials...
Zero ST on textile items under study ISLAMABAD, May 10: The government is considering zero rating of sales tax on the local supply and import of textile products, carpets, surgical, sports and leather products. Officials told Dawn on...		Oil prices jump LONDON, May 10: World oil prices rose strongly Tuesday amid forecasts of higher global demand later this year that could outstrip supply despite increased output by the Opec, analysts said. New...
Stocks undergo mild correction on targeted selling KARACHI, May 10: Stocks on Tuesday suffered a mild correction after mid-session on targeted selling in some leading base shares but it was well-absorbed at the dips, signalling that the current run-up was not overdone....		Cotton market lacks lustre KARACHI, May 10: The cotton market on Tuesday passed through another tradeless session as spinners and mills managed to buy a substantial quantity of bales from the TCP auction after matching their bids. Some of the local spinners were in the market and managed to lift about 2,000 bales...
Rice prices stable on low stocks KARACHI, May 10: Pakistan’s rice trade was dull during the past week on depleting stocks and traders said on Tuesday activity was unlikely to pick up before September when supplies from...		Karachi Port operations KARACHI, May 10: Seven vessels carrying containers, palm oil and to load cement are expected to arrive at the outer anchorage on Wednesday, according to KPT sources. Berthing activity at the...
Asian stocks weaker in hesitant trade HONG KONG, May 10: Asian stocks closed flat to weaker on Tuesday after a modest Wall Street performance provided no lead and left investors to churn over concerns of where high...		Dollar under pressure LONDON, May 10: The dollar was back under pressure against the euro on Tuesday, the eve of data expected to show a further record US trade deficit, analysts said. The single...
Palm oil prices higher KUALA LUMPUR, May 10: Malaysian crude palm oil futures closed up on Tuesday after friendly export numbers, but a much anticipated rally did not materialise as players worried about steadily rising...		Credit card KARACHI, May 10: Pakistan International Airlines and the Standard Chartered bank have entered into a partnership and launched a co-branded credit card. The card carries rewards such as discounted air fare,...
Mobile service GUJRAT, May 10: Telenor Pakistan inaugurated its GSM cellular phone service here on Tuesday. By launching in eight cities, the Telenor network will now cover a population of approximately 34 million...		Financial house WASHINGTON, May 10: China must launch a financial-sector clear-out in step with relaxing its currency regime to keep its booming economy on track, two top International Monetary Fund officials said on...