September 8, 2005	Thursday	Sha’aban 3, 1426

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Two banks to launch insurance companies KARACHI, Sept 7: Two more banks are launching very soon the insurance companies in a market where at least four such sets of banks-insurance nexus are already in operation signalling the emergence of business cartels in a new form....		KSE: still best performing market KARACHI, Sept 7: Scarcely believable but true. The Karachi Stock market has stood out as the ‘best performing stock market’ amongst some of the top global equity markets — both on...
Govt borrowed Rs60.2bn from banks in 2004-05 KARACHI, Sept 7: The government borrowed Rs60.2 billion from the banking system during the last fiscal year and it made most of this borrowing in the final quarter of the year i.e....		Takaful rules notified ISLAMABAD, Sept 7: The government has notified Takaful Rules, 2005 for the conduct of takaful operations in the country. The rules were prepared by a task force constituted by the Securities and Exchange Commission of Pakistan....
Paid-up capital limit raised: Appointing advisers ISLAMABAD, Sept 7: The federal government has granted judicial powers to registrars of companies for taking action against the defaulting companies and has raised the minimum limit of paid-up capital to Rs5 million as requirement for appointment of legal advisers....		$1bn Indian investment on cards ISLAMABAD, Sept 7: India has given three specific proposals to invest about $1 billion in Pakistan in the fields of information technology, services sector and the marble industry, it is learnt....
Index resists fall amid heavy buying in bank shares KARACHI, Sept 7: Stocks on Wednesday resisted a fresh decline boosted by fresh heavy buying in bank shares, although weakness of some leading oil shares, notably OGDC and Pakistan Oilfields, weighed heavily against the underlying sentiment....		Cotton market rules firm KARACHI, Sept 7: The cotton market on Wednesday showed firm trend as official spot rates were quoted further higher by Rs25 per maund on active mill demand at the current levels....
PTCL pre-takeover talks KARACHI, Sept 7: The pre-takeover conferences between the government and Etisalat of the UAE that won the 26 per cent strategic stake in Pakistan Telecommunication Company Limited (PTCL), has almost reached completion, a senior PTCL official told Dawn on Tuesday....		Argentina to invest in Gwadar port ISLAMABAD, Sept 7: Pakistan and Argentina on Wednesday identified areas for collaboration, which include gas pipeline, petroleum explorations and investment in the Gwadar Port development....
EU states back China textile deal BRUSSELS, Sept 7: European Union member states gave their green light on Wednesday to a deal to release millions of cheap Chinese clothes blocked at European ports as early as next week, officials said....		India okays $2.2bn deal with Airbus NEW DELHI, Sept 7: India has approved the long-delayed purchase of 43 planes from European aircraft maker Airbus Industrie for state-run Indian Airlines for $2.2 billion, Prime Minister Manmohan Singh said on Wednesday....
Karachi Port operations KARACHI, Sept 7: Four ships, including CSL Asia carrying 40,000 tons of sugar, are expected to arrive at the outer anchorage on Thursday, according to KPT sources....		Palm oil up KUALA LUMPUR, Sept 7: Malaysian palm oil closed higher on Wednesday, helped by gains in rival US soyaoil, but trading was thin ahead of export data for September 1-10....
APTMA KARACHI, Sept 7: All Pakistan Textile Mills Association chairman Arif Saeed has hailed the decision of Pakistan Railways for starting an Express Goods service from upcountry to Karachi....		Appointment KARACHI, Sept 7: Ejaz Saeed Khan has been appointed as new head of the Regional Office-Karachi of National Engineering Services Pakistan (Pvt.) Limited (NESPAK), following the retirement of Ashraf Dangra....