December 13, 2005	Tuesday	Ziqa’ad 10, 1426

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CBR set to achieve Rs690bn target ISLAMABAD, Dec 12: The Central Board of Revenue (CBR) is experiencing decline in revenue from customs duties due to reduction in tariffs but is confident to achieve its Rs690 billion revenue collection target set for 2005-06....		Local cars’ sale up by 50pc in November KARACHI, DEC 12: Despite rising imports of new and used cars after the 2005-06 budget, a large number of consumers continue to prefer locally assembled cars, which witnessed 50 per cent...
SBP accumulates liquidity for next T-bills auction KARACHI, Dec 12: The State Bank of Pakistan (SBP) on Monday mopped up another Rs12.05 billion through the Open Market Operation (OMO) but the maturity period was kept well calculated to...		15 OIC states ratify PTA HONG KONG, Dec 12: Commerce Minister Humayun Akhtar Khan said here on Monday that 15 members of the Organization of Islamic Conference (OIC), including Pakistan had already ratified a Preferential Trade Agreement (PTA) which would be fully operational in 10 years....
Mauritius keen to import molasses, ethanol HONG KONG, Dec 12: Mauritius Foreign Minister Anil Kumarasingh Gayan on Monday showed interest in importing molasses and ethanol from Pakistan. He stated this in a meeting with Commerce Minister Humayun Akhtar Khan at the sideline of the ministerial conference....		First non-broker elected as ISE chief ISLAMABAD, Dec 12: Accepting the directive of the Securities and Exchange Commission of Pakistan (SECP), the outgoing president of the Islamabad Stock Exchange (ISE) here on Monday handed over the traditional key of the exchange to the newly-elected non-broker chairman, R.A....
Stocks gain 27.84 points on active short-covering KARACHI, Dec 12: Stocks on Monday recouped early session losses caused by technical selling but managed to finish with fresh gains followed by active short-covering at the lower levels....		Trading remains light on cotton market KARACHI, Dec 12: Physical business on the cotton market remained light after trading resumed on Monday as spinners and mills were reluctant to oblige ginners at higher asking prices....
SBP stresses audit of IT systems in banks, DFIs KARACHI, Dec 12: The State Bank of Pakistan (SBP) on Monday issued fresh guidelines for the security of information system in banks and development financial institutions (DFIs) asking them to carry...		Fauji Foundation divesting stake in cement firm KARACHI, Dec 12: Fauji Foundation, which holds 52 per cent shares in Fauji Cement Company Ltd (FCCL), intends to divest its entire stake in the company....
Opec holds output quota KUWAIT CITY, Dec 12: Opec decided on Monday to keep oil production at a near 25-year-high but withdraw an emergency offer of spare capacity because the energy market is well supplied and prices are stable....		EU budget deal BRUSSELS, Dec 12: British Foreign Secretary Jack Straw cast doubt on Monday over Europe’s chances of ending a row over its long-term budget, warning there was little room for manoeuvre to clinch a deal....
PC asked to privatize PS by mid-Jan ’06 ISLAMABAD, Dec 12: The government has directed the Privatization Commission to ensure that the disinvestment of Pakistan Steel is done by the middle of January 2006 positively with a view to making it efficient and more profitable....		PM calls for improving logistics to reduce business cost ISLAMABAD, Dec 12: Prime Minister Shaukat Aziz on Monday emphasized the need for a result-oriented approach so that the logistics chain could allow Pakistan to improve competitiveness and affectively face the challenges....
Karachi Port operations KARACHI, Dec 12: Seven vessels carrying chemicals and urea and to load rice are due to arrive at the outer anchorage on Tuesday, according to KPT sources....		China’s trade surplus tops $90 billion BEIJING, Dec 12: China’s soaring exports pushed the trade surplus to a record $90.8 billion in the first 11 months of the year, up 332 per cent over the same period last year, official statistics showed Monday....
Iraq plans to triple oil production KUWAIT CITY, Dec 12: Iraq plans to raise its oil production capacity to as much as six million barrels per day (bpd) by 2011, up from the current output level of...		HBL offers jobs with VSS KARACHI, Dec 12: Habib Bank has once again introduced Voluntary Separation Scheme (VSS)for Non-Clerical staff but made it different by offering them alternative jobs with shares holding of companies the Bank will buy in future....
India to earn $60bn from outsourcing by 2010 NEW DELHI, Dec 12: Software and customer services outsourced to India are forecast to grow 25 per cent a year by the end of the decade to $60 billion, according to a report released on Monday....		Growth outlook HELSINKI, Dec 12: Inflation risks are building up in Finland, although prospects for the Nordic euro zone member state are good, Bank of Finland governor Erkki Liikanen said on Monday....
Asian stocks close higher HONG KONG, Dec 12: Asian stocks closed mostly higher on Monday with Tokyo again outpacing the region, while investors elsewhere held steady ahead of a widely expected interest rate hike in the United States, dealers said....		Gold at new highs as Japanese investors buy LONDON, Dec 12: Gold fever drew more investors into the bullion market on Monday as another bout of heavy buying in Japan helped push prices above $540 an ounce and to their highest in nearly a quarter of a century....
European stock markets climb LONDON, Dec 12: European stock markets climbed on Monday, with support from mining and media shares, while the London Stock Exchange saw its value hit a record high on reports of an improved bid for Europe’s biggest equity market....		Palm oil up KUALA LUMPUR, Dec 12: Malaysian crude palm oil futures closed higher on Monday, helped by positive export numbers for the first 10 days of December. Gains and activity were, however, limited by Friday’s weak close in Chicago soyaoil....
Acquisition KARACHI, DEC 12: Starwood Hotels & Resorts Worldwide, Inc has acquired the Le Méridien brand and the related management and franchise business for the portfolio of 130 hotels and resorts globally for approximately $225 million....		Commodity markets LAHORE, Dec 12: The following were Monday’s upcountry commodity market rates in rupees. Foodgrains (per 40 kg): Wheat 450; Jowar 400 to 550; Maize 300 to 400; Bajra 550; Barley 520....