May 11, 2006	Thursday	Rabi-us-Sani 12, 1427

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Gold price hits new peak at Rs13,673 KARACHI, May 10: Local bullion rates made another history on Wednesday by touching Rs13,673 per 10 grams from Rs13,273 on Tuesday, showing a jump of Rs420 in the last 24 hours....		Provinces want more services under GST ISLAMABAD, May 10: Provinces have urged the federal government to levy general sales tax (GST) on more services in the next budget to enhance overall size of the divisible pool and have maximum share under the interim National Finance Award (NFC)....
Pakistan seeks IDB investment in water projects ISLAMABAD May 10: Prime Minister Shaukat Aziz on Wednesday invited the Islamic Development Bank (IDB) to participate in a consortium being formed to finance the construction of water reservoirs in Pakistan....		Economy to grow 6.5-7pc in FY06 ISLAMABAD, May 10: The Fiscal Monetary Board (FMB) was informed on Wednesday that the economy was likely to grow at 6.5-7 per cent during the current fiscal year....
Short-covering in blue chips prevents larger fall KARACHI, May 10: Stocks on Wednesday remained under pressure and fell further lower across a broad front but larger fall was averted owing to late short-covering in some of the blue chips....		Cotton market rules steady KARACHI, May 10: Cotton market on Wednesday showed steady trend despite reports that the TCP has floated a fresh tender for the sale of 30,000 bales of lint....
Draft auto plan reviewed LAHORE, May 10: Draft Auto Industry Development Programme (AIDP) prepared by the Engineering Development Board was reviewed by a 13-member committee appointed by the auto industry at a meeting held here on Wednesday....		Oil prices ease after US energy report LONDON, May 10: World oil prices fell on Wednesday after news that US energy inventories rose last week, but the decline in oil prices was limited by concerns over the Iranian nuclear crisis, analysts said....
Procedure for subsidy on cement KARACHI, May 10: The State Bank has laid down the procedure for the payment of freight subsidy on import of cement....		ADB assures support for power, water projects ISLAMABAD, May 10: The Asian Development Bank has assured its technical and financial support for major water and power sector projects to help Pakistan in meeting its growing needs....
Fed hikes rate to 5 per cent WASHINGTON, May 10: The Federal Reserve on Wednesday lifted its base rate a quarter percentage point to five per cent while suggesting further rate hikes could be needed....		PTA issues warning to PTCL ISLAMABAD, May 10: The Pakistan Telecom Authority (PTA) has directed the PTCL management not to announce any tariff packages without the prior approval of the authority....
Pakistan, BD in market to buy sugar LONDON, May 10: Pakistan and Bangladesh are in the market to buy physical refined sugar, while trade in raws appears slack this week with Russian demand subdued due to poor import margins and ample stocks, traders said on Wednesday....		T-bills lose attraction KARACHI, May 10: The treasury bills auction on Wednesday failed to attract banks and bids offered for the bills remained far beyond the target set by the State Bank....
Rs5bn loans for poultry industry proposed: Next budget ISLAMABAD, May 10: The Federal Poultry Board on Tuesday approved proposals for next budget including Rs5bn in interest-free loans to farm owners affected by bird flu crisis and exemption of various...		Saudi bourse plans public offering RIYADH, May 10: With the Saudi bourse undergoing a major readjustment, the kingdom is contemplating an initial public offering of its stock exchange, during the next few months....
Arcelor, Mittal stiffen positions PARIS, May 10: The two top executives at the centre of the Arcelor-Mittal takeover battle stuck to their positions on Wednesday, with Guy Dolle of Arcelor reiterating his opposition to a...		Major crops may survive drought scare KARACHI, May 10: Pakistan’s major summer crops, including cotton and rice, are expected to largely survive a drought scare, officials said....
Bank Alfalah to implement Basel-II KARACHI, May 10: Bank Alfalah on Wednesday signed an agreement with a consultancy firm to implement Basel-II banking reforms. Shad Qureshi, country head, risk management division of Bank Alfalah, and Ahmed...		Tea auction NAIROBI, May 10: Kenyan tea prices were mixed at this week’s auction with Pekoes Fannings Ones suffering due to the absence of their main buyers from Afghanistan and the Pakistan Bazaar, brokers said on Wednesday....
BoE interest rates LONDON, May 10: The Bank of England forecast on Wednesday that British economic growth would remain near its long-term trend rate of 2.5 per cent over the next two years, diminishing expectations of interest rate movement any time soon, analysts said....		Palm oil lower KUALA LUMPUR, May 10: Malaysian crude palm oil futures closed lower on Wednesday, weighed down by lower exports for the first 10 days of May....
European stock markets slip LONDON, May 10: European stocks dipped on Wednesday, snapping a four-day winning streak as lacklustre technology stocks weighed and investors nervously awaited the outcome of a Federal Reserve rate-setting meet....		Asian stocks close higher HONG KONG, May 10: Asian stocks closed mostly higher on Wednesday in cautious trade ahead of a decision and an outlook on US interest rates by the Federal Reserve later in the day....
Port Qasim KARACHI, May 10: Brisk shipping activity was witnessed at the port where four ships to load/offload containers, rice, furnace oil and chemicals were allotted berths at QICT, MPT, Fotco oil terminal and Engro Vopak terminal, respectively, says a PQA message....		Karachi Port operations KARACHI, May 10: Four ships including S Kala loaded with 26,620 tons of imported cement are due to arrive at the outer anchorage on Thursday, according to KPT sources....