May 12, 2005	Thursday	Rabi-us-Sani 3, 1426

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US firms asked to invest in Pakistan ISLAMABAD, May 11: There exists a vast scope for American companies to participate in Pakistan’s privatization programme. This was stated by Privatization and Investment Minister Dr Abdul Hafeez Sheikh during a meeting with a high-level delegation...		State Bank raises TBs yield to fight inflation KARACHI, May 11: The State Bank on Wednesday increased the cut-off yield on three-month and one-year treasury bills by one percentage point each in its fight against inflation. It sold Rs84.47 billion three-month bills at a maximum rate of 7.38 per cent,...
PM invites Singapore investors SINGAPORE, May 11: Prime Minster Shaukat Aziz on Wednesday urged Singaporean investors to take advantage of the numerous investment opportunities offered by Pakistan and develop stronger economic bonds between the two countries....		Import duty on CBU cars as of last year sought KARACHI, May 11: While the ministries of finance and industries are reported to have locked horn over a proposed cut in import duty on completely built up (CBU) cars in the budget for 2005-06, local car makers try to cool down the heat by urging the government ...
Cotton yarn exports decline ISLAMABAD, May 11: Exports of cotton yarn, knitwear, art, silk, synthetic textile have declined as against other textile related sectors, which showed growth in the first three months (Jan-March) of the...		Oil falls on strong rise in US inventories LONDON, May 11: World oil prices fell on Wednesday as traders digested a strong rise in US crude inventories and deemed as “bearish” a study by the International Energy Agency that...
SBP urged to link refinance rate with inflation KARACHI, May 11: Pakistan Leather Garments Manufacturers and Exporters Association (Plgmea) Chairman Fawad Ijaz Khan has challenged the statement of State Bank Governor Dr Ishrat Husain that rising interest rates will...		Tax convention signed with Morocco ISLAMABAD, May 11: Pakistan and Morocco have initialled the draft convention for the avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income between the two countries. The draft was signed by Director of Tax...
Stocks gain 130 points on covering purchases KARACHI, May 11: Stocks on Wednesday recovered from the overnight lows as investors were back in the market and made covering purchases in the energy shares under the lead of OGDC...		Slow trading on cotton market KARACHI, May 11: Trading on the cotton market on Wednesday remained slow as some of the ginners tried to dispose of odd lots of inferior lint lying in their godowns to...
40,208 tax appeals disposed of ISLAMABAD, May 11: The tax authorities have disposed of 40,208 appeals of income tax and 9,035 cases of adjudication, appeals of indirect taxes—sales tax, customs and central excise — during the...		Firms warned against illegal activities ISLAMABAD, May 11: The Securities and Exchange Commission of Pakistan (SECP) has warned of taking strict action against the companies involved in ultra vires activities. In an official announcement here on...
US trade deficit down to $55bn WASHINGTON, May 11: US exports took flight in March on the back of strong civilian aircraft sales to bring the country’s trade deficit down to $55 billion, the government said in...		Trading conditions NEW YORK, May 11: J.P. Morgan Chase & Co.’s chief financial officer said on Wednesday trading conditions in the second quarter have been “tough” so far, echoing a similar assessment made...
Karachi Port operations KARACHI, May 11: Two ships carrying containers and steel cargo are due to arrive at the outer anchorage on Thursday, according to KPT sources. Four ships, APL Cairo, Maersk Aleska and...		Port Qasim KARACHI, May 10: Three vessels carrying containers and chemicals were berthed at QICT and EVT during the last 24 hours, said a PQA press release on Wednesday. Meanwhile, two more ships...
Asian stock markets lower on Wall Street lead HONG KONG, May 11: Asian stocks closed mostly lower on Wednesday after heavy losses on Wall Street added to the increasingly negative tone and as investors were buffetted by intense speculation...		Palm oil prices lower KUALA LUMPUR, May 11: Malaysian crude palm oil futures closed down on Wednesday after a rollercoaster ride that saw prices dive 3 percent and break the 1,400 ringgit support before recouping...