December 20, 2005	Tuesday	Ziqa’ad 17, 1426

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Govt assures IMF to bring down inflation ISLAMABAD, Dec 19: The government has assured the International Monetary Fund (IMF) to take more measures to bring down inflation from 8.4 per cent to 8 per cent by the end...		Tea smuggling causes Rs470 million loss KARACHI, Dec 19: The smuggling of tea continues unabated registering 100 per cent increase in July-October 2005, as against the same period of 2004. Pakistanis had sipped 40 million kg of...
FPCCI, SITE body flay gas tariff hike KARACHI, Dec 19:The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and SITE Association of Industry (SITE) have strongly opposed the recommendation of Oil and Gas Regulatory Authority (Orga) for about 17 per cent increase in gas tariff....		Oil wilts on US weather forecast LONDON, Dec 19: World oil prices wilted on Monday after heavy losses last week, as traders focused on forecasts of warmer weather across the northern hemisphere, particularly in the United States....
Economy to grow 6-8pc despite challenges ISLAMABAD, Dec 19: Prime Minister Shaukat Aziz on Monday said that the gross domestic gross product (GDP) of the country would grow between 6 to 8 per cent during the current...		PSMA defends stopping sugarcane crushing KARACHI, Dec 19: The Pakistan Sugar Mills Association (PSMA), Sindh Zone, on Monday defended the decision of stopping sugarcane crushing activities in Sindh to protest against raise in the price of sugarcane....
Stock market undergoes technical correction KARACHI, Dec 19: Share values on the Karachi Stock Exchange on Monday fell across-the-board on active selling almost on all the counters partly in the form of technical correction and partly to some anti-Kalabagh statements....		Listless trading on cotton market KARACHI, Dec 19: Trading on the cotton market on Monday resumed on a cheerless note as ginners raised their asking prices on the perception that a below target crop figure could benefit them in the weeks to come....
Cotton body estimates output at 12.7m bales KARACHI, Dec 19: The Cotton Crop Assessment Committee (CCAC) on Monday was informed that 10.219 million bales had reached the ginning factories by December 15, 2005 which was 12.9...		Import of iron sheets from India allowed KARACHI, Dec 19: The Ministry of Commerce has allowed the import of corrugated galvanized iron sheets from India for a period of one month commencing from December 14, 2005 to January 13 for exclusive use in rehabilitation of earthquake victims....
US economy WASHINGTON, Dec 19: President George W. Bush said on Monday the US economy is the “envy of the world” but needs to be made stronger with the prop of permanent tax cuts....		Limited gains UNITED NATIONS, Dec 19: UN Secretary General Kofi Annan said on Monday he was relieved that the WTO ministerial session in Hong Kong did not end in failure and welcomed the “limited gains” made by negotiators on behalf of developing countries....
BIMSTEC to launch FTA from mid-2006 DHAKA, Dec 19: The signatories to the framework agreement on the Bay of Bengal Multi-Sectoral Technical and Economic Cooperation vowed on Monday to combat trans-national crimes and make the agreement on trade in goods effective from July 1, 2006....		FDI rises by 328pc in 6 months in BD DHAKA, Dec 19: The inflow of foreign direct investment into Bangladesh in the first six months of the current calendar year has increased by 328 per cent, compared to the corresponding...
Opec needs output cut next year, says CGES LONDON, Dec 19: Opec needs to slash production by some 1.3 million barrels per day early next year to stop an oil price slide, the Centre for Global Energy Studies warned in its monthly report published on Monday....		Gulf states ratify forex union criteria ABU DHABI, Dec 19: Gulf Arab leaders endorsed criteria for European-style monetary union in the world’s biggest oil exporting region on Monday and agreed to forge a common policy on negotiating trade agreements....
Units seek restoration of gas supply FAISALABAD, Dec 19: Unannounced gas load-shedding for the last four days has caused closure of a score of industrial units situated on Faisalabad-Sheikhupura Road and its adjoining areas rendering thousands of workers jobless....		Cellphone firm plans to invest $500m ISLAMABAD, Dec 19: A leading cellular mobile telephone company plans to invest $500 million during the year 2006, taking its total investment in the country to well over $1.75...
Exports from Sialkot Dry Port decline SIALKOT, Dec 19: Exports from Sialkot Dry Port declined by Rs685 million during the month of November compared to the same month last year. The dry port handled 2,400 export consignments...		Dollar steady against Euro LONDON, Dec 19: The dollar steadied on Monday against the euro but clawed back ground against the yen following last week’s unexpected surge in the Japanese currency, analysts said....
Karachi Port operations KARACHI, Dec 19: Eight ships carrying flours, chemicals and to load cement are expected to arrive at the outer anchorage on Tuesday, according to KPT sources....		Port Qasim KARACHI, Dec 19: Two ships carrying diesel oil and coal arrived at the outer anchorage during the last 24 hours, according to a PQA press release issued here on Monday....
Commodity markets LAHORE, Dec 19: The following were Monyday’s upcountry commodity market rates in rupees. Foodgrains (per 40 kg): Wheat 470 to 480- Jowar 380 to 450 Maize 325 to 400 Bajra 600; Barley 560....		Commodity Exchange WINNIPEG, Manitoba, Dec 19: The Winnipeg Commodity Exchange has bounced back from a slump in volumes triggered by its shift to electronic trade, and volumes are poised to grow next year, a senior exchange official said....
Asian stock markets close higher HONG KONG, Dec 19: Asian stocks closed higher on Monday, led by gains in Tokyo which returned to its winning ways after losses last week and as investors built up positions...		Gold rises in European trade LONDON, Dec 19: Gold rebounded in European trade on Monday after tumbling last week from its recent near-25-year highs, with emerging physical demand and fresh buying interest seen supporting prices, analysts said....
ECB lashed out over rate rise MUNICH, Dec 19: Ifo, the influential German economic think-tank, lashed out on Monday at a decision earlier this month by the European Central Bank to raise its key interest rates by...		Palm oil prices slightly up JAKARTA, Dec 19: Malaysian crude palm oil futures rose slightly on Monday, with forward months holding above 1,400 ringgit a ton on expectations China may be looking for cargoes when its peak winter season is over....