February 28, 2006	Tuesday	Muharram 29, 1427

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Basic accounts from next month: No premium on credit cards KARACHI, Feb 27: All banks will introduce Basic Banking Accounts (BBA) from next month, mention the mark-up on loans whether it is floating or fixed and will not charge insurance premium...		Hotel business hit by violence KARACHI, Feb 27: Leading hotels in the city are experiencing a phenomenal drop in room occupancy due to reduced travelling by foreigners and travel advisories issued by many European countries asking their nationals not to visit Pakistan....
Stocks lose 355 points on profit-selling KARACHI, Feb 27: Stocks on Monday crashed from the recent peak levels on panic-selling by all and sundry under the lead of foreign investors but there was no matching buying as blue chips fell like the house of cards....		Bush visit may clear business hurdles WASHINGTON, Feb 27: US President George W. Bush’s visit to India and Pakistan this week could help clear major hurdles to American expansion of investment and trade ties with the South Asian nations....
Indian firm wins TCP sugar contract KARACHI, Feb 27: The Trading Corporation of Pakistan (TCP) has accepted the bid from an Indian company — Indian Sugar Exim Corporation — for the supply of 50,000 tons of sugar at the rate of $478 per ton....		Govt hopes to earn $1bn from PS privatization ISLAMABAD, Feb 27: A high-level meeting on Monday reviewed the progress on disinvesting Pakistan Steel Mills Corporation (PSMC) and decided to complete the transaction by March 10 as desired by the president and the prime minister....
Sell-off realized Rs270bn in 3 years KARACHI, Feb 27: Investment and Privatization Minister Dr Abdul Hafeez told Dawn on Monday he was able to raise as much as Rs270 billion from privatization during the last three years, which averaged at Rs90 billion a year....		PAFL bidding today ISLAMABAD, Feb 27: The Privatization Commission has finalized all arrangements to hold bidding for the sale of Pak American Fertilizer Company Limited (PAFL) in Karachi on Tuesday....
Exploration licences granted ISLAMABAD, Feb 27: The government on Monday granted four petroleum exploration licences to Eni Pakistan Limited. According to a press release the four blocks for which licenses have been granted are:...		EC cuts dumping duty on bedlinen ISLAMABAD, Feb 27: The European Commission has revised downward the proposed national average of anti-dumping duty to 5.8 per cent from 7.6 per cent of the second disclosure of the interim review on import of bedlinen from Pakistan....
Task force to promote Islamic banking KARACHI, Feb 27: The SBP has set up a task force for the development of Islamic banking, Islamic interbank market and training with education. “In order to promote research and development...		Correction KARACHI, Feb 27: Telenor is a Norwegian company. In an article titled “Violent protests bad for business” that appeared in the issue of Dawn ‘Economic and Business Review’ on 27 February,...
Oil prices shed $1 on rise in US inventories LONDON, Feb 27: World oil prices plunged on Monday on profit-taking after having spiked above $62.0 at the end of last week on simmering supply concerns....		Lint prices move up ahead of PCGA data KARACHI, Feb 27: Trading activity on the cotton market on Monday was relatively slow as ginners again raised their asking prices ahead of fortnightly arrival figures....
Early review of SME act demanded KARACHI, Feb 27: The Union of Small and Medium Enterprises (Unisame) has appealed to the task force on small and medium enterprises to review the matter of SME act and policy...		Yen gains against dollar LONDON, Feb 27: The yen hit a one-month high against the dollar and a six-week high against the euro on Monday amid fresh signs that the Bank of Japan will soon end its ultra-easy monetary policy and eventually raise interest rates....
Karachi Port operations KARACHI, Feb 27: Eight ships carrying steel coils, bitumen and containers are expected to arrive at the outer anchorage on Tuesday, according to KPT sources. Berthing activity at the wharves was...		Port Qasim KARACHI, Feb 27: A record cargo volume of 0.107 million tons comprising 0.083m tons of import and 0.024m tons of export tonnage was handled during the last 24 hours, said a PQA press release on Monday....
Pakistan growth supports credit quality: S&P HONG KONG, Feb 27: Standard & Poor’s said on Monday that regional growth prospects in China, India, Pakistan and Vietnam were supportive of credit quality in those countries....		EPB slated for subsidy decision KARACHI, Feb 27: Pakistan Leather Garments Manufacturers and Exporters Association (Plgmea) on Monday criticized the decision of the EPB for not giving subsidy to exhibitors who had declined to participate in...
Talent management KARACHI, Feb 27: The International Talent Management Forum concluded on Monday at a local hotel. Zafar Aziz Osmani, Group Executive Habib Bank, in his address said that talent was the capability...		Commodity markets LAHORE, Feb 27: The following were Monday’s upcountry commodity market rates in rupees. Foodgrains (per 40 kg): Wheat 450; Jowar 400 to 750; Maize 300 to 450; Bajra 500; Barley 400....
Asian stocks close higher HONG KONG, Feb 27: Asian stocks closed higher on Monday, shrugging off a lacklustre performance by Wall Street with the region buoyed by robust interest, dealers said....		Palm oil prices lower KUALA LUMPUR, Feb 27: Malaysian palm oil cracked a major price resistance on Monday after weeks of struggle, with players driving the futures market to new 11-month highs on talk that key buyer India could make palm as competitive as soyaoil....
European stocks rise on energy news LONDON, Feb 27: European stock markets climbed on Monday as the takeover spotlight continued to shine on the energy sector, dealers said. London’s FTSE 100 index of leading shares rose 0.43...		Gold drops LONDON, Feb 27: Gold backed away on Monday as some investors booked profits from a rally to a two-week high and a lower oil price added to selling pressure, dealers said....