January 5, 2006	Thursday	Zilhaj 4, 1426

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2.5 million cotton bales shortfall likely KARACHI, Jan 4: The country is likely to face a shortfall of around 2.5 million cotton bales as phutti (seed cotton) arrivals at ginneries registered a steep fall of 14.17...		Task force finalizes recommendations: Transfer pricing ISLAMABAD, Jan 4: A joint task force, constituted by the Securities and Exchange Commission of Pakistan (SECP) and the Central Board of Revenue (CBR) on the matters of transfer pricing, has...
NA body briefed on PS sell-off ISLAMABAD, Jan 4: The National Assembly standing committee on privatization was briefed on Wednesday that prospective buyers of Pakistan Steel had started due- diligence in the first week of December 2005 after the opening of virtual and physical data room....		Collection rises to Rs322 billion: Car imports up 270pc ISLAMABAD, Jan 4: The import of cars increased by 270 per cent to 10,524 units during the first half (July-Dec) of the current fiscal year compared to 2,852 units the same period of the last year....
Buying in oil shares dominates trading at KSE KARACHI, Jan 4: Active buying in oil shares featured the Wednesday’s stock market where other leading shares also performed credibly well on strong follow-up support....		Inflation to hit interest rates KARACHI, Jan 4: The State Bank on Wednesday lifted the targeted liquidity and maintained the status quo, with no change in cut-off yield of treasury bills despite a clear indication of higher inflation figure for December 2005....
Oil prices fall after gas deal LONDON, Jan 4: World oil prices dropped on Wednesday after Russia and Ukraine resolved a dispute that had disrupted gas supplies across Europe....		East Asia dominates shipbuilding business PARIS, Jan 4: Three East Asian countries account for 80 per cent of the non-military shipbuilding orders worldwide, dominating in particular production of container and cargo ships, oil tankers and bulk carriers....
WTO ruling GENEVA, Jan 4: The World Trade Organization has delayed a decision on the US-led complaint against the European Union over genetically modified (GM) foods for about three months, diplomats said on Wednesday....		Filing of returns by corporates up 6pc ISLAMABAD, Jan 4: The Central Board of Revenue (CBR) received 11,836 corporate returns up to December 31, 2005 as against 11,210 returns filed during the same period of last year, indicating an increase of six per cent....
Biggest bank TOKYO, Jan 4: The Bank of Tokyo-Mitsubishi UFJ, the world’s largest bank, officially opened for business in Japan on Wednesday after a three-month delay caused by difficulties integrating computer systems....		Jobs creation WASHINGTON, Jan 4: Healthy new US job growth likely continued into December as rebuilding after last year’s hurricanes gained steam and steady economic growth laid a foundation for more job gains, analysts said....
China textile trade booms in 2005 BEIJING, Jan 4: China’s textile industry recorded an estimated 20 per cent year-on-year increase in revenues, profits and exports in 2005, despite trade disputes and the yuan’s appreciation, state media said Wednesday....		Prices up after low phutti arrivals KARACHI, Jan 4: Cotton market on Wednesday showed firm trend as ginners raised their asking prices followed by lower than expected arrivals of phutti into the ginneries for the last fortnight....
Former PVC employees demand dues payment ISLAMABAD, Jan 4: The ex-employees of Poly Vinyl Chloride (PVC) Ltd, a Sindh-based company privatized in the early 1992, have demanded of the government to pay their outstanding gratuity and other legal dues amounting to Rs50 million....		CAML, NLCL ratings LAHORE, Jan 4: The Pakistan Credit Rating Agency (Pacra) has assigned an asset manager rating of “AM4” to Crosby Asset Management (Pakistan) Limited (CAML), a wholly-owned subsidiary of Crosby Asset Management International Limited incorporated in the British Virgin Island....
Dollar two-month low against euro LONDON, Jan 4: The dollar fell to a two-month low point against the euro on Wednesday after minutes to the latest meeting of US rate-setters indicated that US borrowing costs were nearing their peak, analysts said....		Kenyan tea mixed NAIROBI, Jan 4: Kenya’s tea prices were mixed at this week’s auction, with improved quality boosting certain grades, traders said on Wednesday. Mombassa-based Africa Tea Brokers said 101,229 packages were offered,...
Auto sales DETROIT, Jan 4: Ford Motor Co. said on Wednesday its December US auto sales fell nine per cent, ending the month at 267,881 units. Full-year sales also were lower, falling five per cent to 3,168,156 vehicles in 2005....		Gold gains further in 2006 LONDON, Jan 4: Investors are chasing after the gold market, which they see as a bigger earner than stocks or bonds as it targets December’s near-25-year peak of $540.90...
Palm oil up KUALA LUMPUR, Jan 4: Malaysian crude palm oil futures hit a two-month high on Wednesday on the back of a rally in U.S. soyaoil, but profit-taking trimmed gains by the close....		FTSE trims gains LONDON, Jan 4: UK stocks rose for a second straight session on Wednesday, inspired by a bullish outlook from fashion chain Next and hopes of takeover activity in the insurance sector,...
Asian stocks close higher HONG KONG, Jan 4: Asian stocks closed sharply higher on Wednesday, extending gains on a strong lead from Wall Street as investors there welcomed the latest sign the US cycle of...		Karachi Port operations KARACHI, Jan 4: Four ships carrying palm oil, containers and general cargo are due to arrive at the outer anchorage on Thursday, according to KPT sources....