August 20, 2005	Saturday	Rajab 14, 1426

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PM asks OGDC to develop reserves ISLAMABAD, Aug 19: Prime Minister Shaukat Aziz on Friday directed the Oil and Gas Development Corporation (OGDC) to develop proven reserves of oil and gas at Uch, Qadirpur and Sinhjhiro....		Continuous fund supply to replace badla finance ISLAMABAD, Aug 19: Prime Minister Shaukat Aziz on Friday said the government has decided to replace badla finance with continuous fund supply (CFS) to ensure stability in the stock exchanges....
MoU signed to promote corporate governance ISLAMABAD, Aug 19: The Securities and Exchange Commission of Pakistan (SECP) and the International Finance Corporation (IFC), the private sector arm of the World Bank (WB), here on Friday signed a...		Misuse leads to suspension of freight subsidy ISLAMABAD, Aug 19: The commerce ministry has suspended freight subsidy on exports after unearthing massive misuse of the facility by a few exporters. Official figures made available to Dawn showed the Export Promotion Bureau (EPB) paid out Rs801.8...
US firm to build desalination plants at Port Qasim KARACHI, Aug 19: Business leaders have appreciated the government move for setting up two desalination plants at Port Qasim and hoped that it will speed up industrialization in the area....		Credit cards gaining popularity KARACHI, Aug 19: The fast changing life style has made plastic money popular in Pakistan and in last 12 months more than a million credit cards were used to transact goods and services worth more than half-a-billion dollars....
Stocks up 212 points on positive development on COT KARACHI, Aug 19: Stocks on Friday recovered from the recent lows on heavy buying in the leading base shares triggered by reports that a scheduled meeting between the bourse bosses and...		Prices move up on cotton market KARACHI, Aug 19: Trading on the cotton market on Friday resumed on a steady note as prices of new crop were quoted higher by Rs25 to Rs50 per maund amid thin activity....
Oil prices jump on supply worries LONDON, Aug 19: Oil prices climbed further on Friday as traders bought back into the market, while Ecuador’s suspension of crude exports added to fears over tight global supply, dealers said....		No decision yet on dumping duty: EC KARACHI, Aug 19: The European Commission has taken a strong exception of the news reports regarding the specific date of final decision on anti-dumping duty on imports of Pakistani bedlinen....
Dollar gains LONDON, Aug 19: The dollar made good gains all around on Friday in thin pre-weekend trade amid firm expectations that US interest rates will continue rising....		FPCCI for more cargo avenues KARACHI, Aug 19: Pakistan Shippers’ Council, Federation of Pakistan Chambers of Commerce and Industry, has called for allowing national flag carriers of Pakistan and India to load and unload cargo of...
Sensitive list for Safta LAHORE, Aug 19: Lahore Chamber of Commerce and Industry has urged the government to finalize the sensitive list of items for South Asia Free Trade Agreement in consultation with the stakeholders....		Asian stocks close lower HONG KONG, Aug 19: Asian stocks closed flat to lower on Friday in subdued trade amid a lack of leads from Wall Street and as oil prices ended a week-long lull and edged higher, dealers said....
‘EU farm aids unfair, need overhaul’ LONDON, Aug 19: The European Union’s farm subsidy policy is unfair and only leads to greater inequalities within the enlarged 25-nation bloc, three British scholars said in a major study published on Friday....		TCP extends sugar tender deadline KARACHI, Aug 19: The Trading Corporation of Pakistan said on Friday it had extended the deadline for bids into its purchase tender for 50,000 tons of white sugar to August 22 from August 20....
Karachi Port operations KARACHI, Aug 19: Seven ships carrying containers and crude oil are due to arrive at the outer anchorage on Saturday, according to KPT sources. Berthing activity at the wharves was active...		Port Qasim KARACHI, Aug 19: Berthing activity was slow as only one container vessel, Al-Isha’s, was allotted berth at QICT during the last 24 hours, said a PQA press release on Friday....
Palm oil up KUALA LUMPUR, Aug 19: Malaysian palm oil extended gains on Friday on fears haze from Indonesian forest fires, which disrupted production last week, could return soon....		European stocks LONDON, Aug 19: European stock markets closed higher on Friday, with the London FTSE 100 index gaining 0.82 per cent at 5,312.60 points. In Frankfurt, the DAX 30 shot up 1.62pc...