May 16, 2006	Tuesday	Rabi-us-Sani 17, 1427

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Two major banks are in merger talks KARACHI, May 15: Standard Chartered and Union Bank are engaged in merger talks that will enable the former to acquire 65 domestic branches of the latter....		Private sector yet to submit WEF survey forms ISLAMABAD, May 15: Pakistan could be left out from the World Economic Forum’s Global Competitiveness Report (GCR) this year as the country’s private sector has not yet submitted to the forum its executive opinion survey forms....
Pakistan urged to grant MFN status to India ISLAMABAD, May 15: The World Bank has advised Pakistan to grant MFN status to India for increasing the economic ties between the two countries. Presenting the recommendations of the bank’s report...		Chinese cement hits local market: First shipment arrives KARACHI, May 15: As the price of locally produced cement is already on the decline, the first Chinese cement shipment of over 26,000 tons arrived here and hit the market in the current week, dealers said....
Islamabad asked to pursue liberal trade regime ISLAMABAD, May 15: The World Bank (WB) has asked Pakistan to pre-announce a schedule for future tariff reduction as done by India recently and follow a unilateral trade liberalisation programme....		Pakistan Steel pays off Rs7.7bn debt KARACHI, May 15: The Pakistan Steel held a cheque presentation ceremony in which a debt worth Rs7.7 billion, scheduled to be paid from year 2013 to 2020, was paid much ahead of time, says a press release....
Consortium to extract methane gas from Thar coal KARACHI, May 15: The Sindh government has signed a memorandum of understanding (MoU) with a Ukraine-Canadian consortium—Cathay Oil and Gas— for extracting methane gas along with water from under the coal layers in Thar coal reserves....		Global stock markets lower LONDON, May 15: World stock markets fell strongly on Monday, hit by investor concerns over a struggling dollar and possible higher inflation in the United States, analysts said....
PPL sell-off likely by June 30 ISLAMABAD, May 15: The Privatisation Commission Board is expected to meet here later this month to approve arrangements for the privatisation of Pakistan Petroleum Limited (PPL) by June 30, 2006....		Oil prices shed $2 on low demand forecast LONDON, May 15: World oil prices fell sharply on Monday as expectations of slower demand growth for energy eased supply concerns related to Iran, dealers said....
KSE 100-share index plunges on panic selling KARACHI, May 15: The KSE 100-share index on Monday plunged by 3.60 per cent or 415 points on panic selling triggered by a combination of negative news about future economic perceptions and worries about tax proposals in the next budget....		Cotton market resumes on insipid note KARACHI, May 15: Trading on the cotton market on Monday resumed on an insipid note as spinners and mills remained selective buyers of fine lots to produce higher counts of cotton yarn....
Resolution of Basmati trade mark issue urged KARACHI, May 15: The Union of Small and Medium Enterprises (Unisame) has urged the ministry of commerce to resolve the issue of Basmati trade mark at the earliest....		Karachi Port operations KARACHI, May 15: Five ships, including a car carrier with 514 units, are due to arrive at the outer anchorage on Tuesday, according to KPT sources....
Risk management practices KARACHI, May 15: The country’s corporate and financial sectors have realised the need to implement the best practices of risk management within their organisational structures, but still much more is needed...		London sugar LONDON, May 15: London white sugar futures fell on speculative selling on Monday in sympathy with a selloff in oil and metals markets, and traders said New York raws could fall further....
Asian stocks tumble HONG KONG, May 15: Asian stocks tumbled again on Monday with investors taking flight on the latest concerns about the outlook for US interest rates and the dollar that began spooking the markets late last week....		Malaysian palm oil up BANGKOK, May 15: Malaysian crude palm oil futures rose in heavy trading on Monday, backed by expectations of stronger palm oil demand for biodiesel due to high crude oil prices, dealers said....
Weaker $ may have mixed impact LONDON, May 15: The dollar’s fall against major currencies chimes with its long-term trend and helps readjust global imbalances, but it also presents risks for the United States and its trade partners, analysts say....		Karachi market rates KARACHI, May 15: The following were Monday’s commodity market rates in rupees, Oilseeds RAPESEED (per 40 kg): Dadulane 665 to 675; Mirpurlane 740 to 750; Nawabshah 770 to 780; Castorseed (Sindh) 650 to 725.....