December 28, 2005	Wednesday	Ziqa’ad 25, 1426

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Doubts over latest cotton production figure LAHORE, Dec 27: Latest reports and estimates suggest that the domestic cotton production target of 12.5 million bales has already been achieved and may even exceed the target....		China offers big market for rice BEIJING, Dec 27: Major public and private Chinese firms have assured Pakistani exporters of their support in finding a big market for rice. The assurance was extended to a delegation of...
IFC to give $15m for PICT expansion KARACHI, Dec 27: The International Finance Corporation (IFC) will provide more than $15 million for the third phase of the Pakistan International Container Terminal (PICT). The total cost of increasing the terminal’s cargo handling capacity is about $24 million....		CNG to further erode petrol’s market share KARACHI, Dec 27: With Ogra in the process of framing safety rules for use of LPG in the auto sector, a tough fight between LPG and CNG in the auto sector...
Oil prices fall below $58 LONDON, Dec 27: Oil fell one per cent to below $58 a barrel in post-holiday trade on Tuesday, pressured by warmer-than-usual weather across the United States and a recovery in crude production from OPEC member Nigeria....		Rs330m for relief of quake victims KARACHI, Dec 27: The International Finance Corporation (IFC) has provided a matching grant of Rs90 million along with the private sector companies, which contributed around Rs240 million for the victims of the October 8 earthquake of Azad Kashmir and NWFP....
Chinese reserves at $794bn SHANGHAI, Dec 27: China’s foreign currency reserves rose at the slowest pace in 18 months in November, an official newspaper reported on Tuesday, in what analysts said was new evidence that speculative demand for the yuan may be ebbing....		Cement, banks, fertilizer lead recovery on KSE KARACHI, Dec 27; Stocks on Tuesday were back on the rails on active short-covering at the overnight lower levels but the trading volume failed to expand to an average daily level....
KCCI for signing FTA with Bangladesh KARACHI, Dec 27: The Karachi Chamber of Commerce and Industry (KCCI) has called for signing a free trade agreement with Bangladesh at the earliest for the benefit of both the countries....		Govt bags Rs58.9bn from sale of 7 entities KARACHI, Dec 27: The government raised Rs58.9bn through strategic sales of seven companies during the calendar year 2005. This figure does not include the sale of Pakistan Telecommunication Corporation (PTCL), the modalities of which are still mired in mystery....
Tareen for increase in auto exports ISLAMABAD, Dec 27: Minister for Industries, Production and Special initiatives, Jehangir Khan Tareen, said on Tuesday that there was a need to increase the production of locally manufactured automobiles because the import of vehicles is disturbing the balance of payments....		PR urged to reduce freight rate KARACHI, Dec 27: The Union of Small and Medium Enterprizes (Unisame) has urged Pakistan Railways to reduce its freight rate per wagon to enable small and medium companies to export rice to Zahidan, Iran....
Revival of mills demand activates cotton market KARACHI, Dec 27: Cotton market on Tuesday showed steady trend aided by revival of mills demand at the prevailing rates amid an actively traded session. Although official spot rates were again...		Karachi Port operations KARACHI, Dec 27; Six ships carrying containers to load rice are due to arrive at the outer anchorage on Wednesday, according to KPT sources. Berthing activity on the wharves picked up, thanks to steady arrivals....
Global equities to extend gains in ’06 LONDON, Dec 27: World stock markets are set to build on this year’s strong gains in 2006 amid buoyant global economic growth and tame inflation, with re-awakening economies Japan and Germany leading the pack, analysts said....		NTC to hold hearing on reduction of duty on glass ISLAMABAD, Dec 27: The National Tariff Commission (NTC) has invited comments, suggestions and proposals from all stakeholders for revising downward the import duty on glasses. An official announcement issued here on...
Hungarian firms keen to invest ISLAMABAD, Dec 27: Hungary’s companies are keen to invest in various sectors in Pakistan, says the Budapest’s ambassador to Islamabad Bela Fazekas. He said this in a meeting with Secretary Commerce Syed Asif Shah here on Tuesday....		Salary increase for MCB staff KARACHI, Dec 27: The Muslim Commercial Bank (MCB) has increased salaries of its staff by 21 per cent, said a spokesman of the bank on Tuesday....
BD tea prices decline CHITTAGONG, Dec 27: The prices of Bangladesh teas declined on weak demand and suffered very heavy withdrawals at a weekly auction on Tuesday, brokers said. “There was a large offering this...		Palm oil closes lower KUALA LUMPUR, Dec 27: Malaysian crude palm oil futures closed mostly lower on Tuesday, weighed down by weakness in rival soyaoil prices. Activity was light as players wound down trade ahead of the year-end....
Asian stocks end mixed HONG KONG, Dec 27: Asian stocks closed mixed on Tuesday with Seoul defying the overall trend and finishing at another record peak while elsewhere trade remained thin ahead of New Year celebrations....		European stocks LONDON, Dec 27: European shares rose to their highest level in more than 3-1/2 years on Tuesday as crude oil prices fell, but light volumes in holiday-thinned trade exaggerated moves in the market, traders said.—Reuters...