May 23, 2006	Tuesday	Rabi-us-Sani 24, 1427

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Govt may cut GST, corporate tax rates ISLAMABAD, May 22: The government is considering an official proposal to reduce the rate of general sales tax (GST) from 15 per cent to 10 per cent and slash three per...		Low income group to get relief KARACHI, May 22: Dr Salman Shah, adviser to the prime minister on finance, has said the government will try to balance expenditure and revenue and provide maximum relief to low income group in the upcoming budget....
India misusing name of Pakistan’s Basmati ISLAMABAD, May 22: The government remains silent over the continuous misusing of name of Pakistan’s indigenous Basmati rice varieties by the Indian farmers and registering them with their own brand names....		Another Islamic bank gets licence KARACHI, May 22: Another bank has been awarded licence for Islamic banking which brings the total of such banks to six in the country. The State Bank of Pakistan on Monday...
Exporters oppose hike in gas tariff LAHORE, May 22: The domestic industry and exporters of value-added products, including textiles, have expressed concern over 7.2 per cent (Rs18.24/mmbtu) increase in the industrial gas price proposed by the Oil...		POL import bill up by 63pc in 10 months ISLAMABAD, May 22: The import bill of petroleum products rose by 63.13 per cent to $5.240 billion during the July-April period of the current fiscal as against $3.212...
KPT handles record volume of cargo KARACHI, May 22: The Karachi Port has set a record by crossing psychological barrier of handling over one million containers last month. The higher economic growth resulting in enhanced imports and...		Textiles’ export up by 19pc in 10 months ISLAMABAD, May 22: The export of textile products increased by 18.89 per cent to $8.022 billion during the July-April period of the current fiscal year compared to $6.747...
President opens marble city at Gadani GADANI, May 22: Inaugurating a ‘marble city’ here on Monday President General Pervez Musharraf assured the manufacturers that the marble industry would be fully promoted. “Mining of marble be undertaken by...		Kuwait renews oil export contract KUWAIT CITY, May 22: Kuwait on Monday renewed the oil by-product export contract with Pakistan, which shows it as important market for Kuwait oil products. The contract renewal ceremony was attended...
Index rises by 69.24 points on follow-up support KARACHI, May 22: The stock market on Monday maintained an uppish leaning on active follow-up support on selected counters, but the activity remained terribly insipid in the absence of bargain-hunting and speculative buying....		Karachi Port operations KARACHI, May 22: A dozen ships, including two carrying 31,000 tons of sugar, are expected to arrive at the outer anchorage on Tuesday, according to KPT sources....
Port Qasim KARACHI, May 22: Three ships carrying containers and LPG were berthed at the QICT and Engro Terminal during the last 24 hours, a PQA press release said here on Monday....		Physical business remains light KARACHI, May 22: Trading on the cotton market on Monday resumed on a higher note but physical business remained light as ginners were not inclined to lower their asking prices leading to a standoff on the price front....
30-member team leaves for Mumbai today KARACHI, May 22: A 30-member delegation of Karachi business leaders, politicians, educationists, media persons and showbiz personalities, led by retired justice Fakhruddin G. Ibrahim, leaves for Mumbai on Tuesday on a four-day visit to explore synergies and areas of mutual cooperation....		Takeover offer PARIS, May 22: The supervisory board of Euronext, the pan-European stock market operator, voiced support on Monday for a takeover bid by the New York Stock Exchange, saying it was more attractive than a bid by Deutsche Boerse of Germany....
Ratings KARACHI, May 22: The Pakistan Credit Rating Agency (PACRA) has maintained the long- and short-term entity ratings of Pak Arab Refinery Limited (PARCO) at AAA and A1+ respectively....		Asian stocks close lower HONG KONG, May 22: Asian stocks extended sharp losses on Monday, with India crashing out to a halt following another tumble in commodity prices on fears that inflation will inevitably lead to higher interest rates....
NY gold slightly recovers NEW YORK, May 22: Gold futures in New York recovered slightly, after sliding to a four-week low, on Monday as bargain hunting at cheaper levels lent support to prices damaged by fierce selling in recent days, dealers said....		European stock markets fall LONDON, May 22: European stock exchanges dropped heavily in morning trade on Monday, dragged down by mining and metals stocks and extending last week’s plunge caused by concern about higher inflation....