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June 15, 2006 Thursday Jumadi-ul-Awwal 18, 1427 Punjab allocates Rs100bn for ADP LAHORE, June 14: The Punjab government has allocated a record amount of Rs100 billion for the Annual Development Plan (ADP) for the fiscal year 2006-07, with an objective to achieve high... Use of multiple cheques on rise: Tax on cash withdrawal KARACHI, June 14: The government in the budget 2006-07 has doubled the tax on cash withdrawal of Rs25,000 from banks, but traders and others found an easy way to withdraw cash... Rs165-170bn Sindh budget to be presented today KARACHI, June 14: The senior Sindh Minister Syed Sardar Ahmad will present on Thursday afternoon the 2006-07 budget with an outlay of about Rs165-170 billion, including a record development programme of Rs32 billion in the provincial assembly.... No subsidy given on POL products in 2005-06 ISLAMABAD, June 14: The government did not provide any subsidy on petroleum products during the outgoing fiscal year, and in fact earned Rs10bn more revenue than the target of Rs32.6... Indonesia refuses to cut duty on kinno import ISLAMABAD, June 14: Indonesia has refused to accept Pakistan''s proposal seeking preferential market access for its agriculture products under the proposed preferential trade agreement (PTA).... KSE index suffers 547.9 points fall KARACHI, June 14: The KSE 100-share index on Wednesday suffered largest-ever single-session fall of 547.93 points or 5.88 per cent, at 8,766.98 as prices of more than six dozen blue chips... Cotton market remains steady KARACHI, June 14: Cotton market on Wednesday maintained a firm outlook as ginners further raised their asking prices on the perception that lower unsold stocks have given them the needed leverage to set the future trend.... ‘Economy hit by fake invoicing’ ISLAMABAD, June 14: Revenue Division Secretary General M. Abdullah Yousuf said on Wednesday the Central Board of Revenue was facing the irritant of under-invoicing, causing losses to the national kitty and traders.... Oil prices mixed after US inventory figures LONDON, June 14: World oil prices showed mixed fortunes on Wednesday after the latest weekly snapshot of US energy inventories. New York’s main contract, light sweet crude for delivery in July, edged up four cents to $68.60... 6pc R&D support for leather industry KARACHI, June 14: Prime Minister Shaukat Aziz has assured the leather industry of allowing 6pc Research & Development (R&D) support to remain competitive on world markets.A... SAI chief flays power outages KARACHI, June 14: Site Association of Industry chairman Ameen Bandukda on Wednesday claimed that 25pc industries in the Site area had been without power for the last 30 hours due to unannounced load-shedding by the KESC.... Trade accords NEW DELHI, June 14: India and Kuwait will sign three agreements to boost ties during Emir Sheikh Sabah al-Ahmad al-Sabah''s five-day visit here, an Indian official said on Wednesday.... Turmoil in financial markets CANBERRA, June 14: The current battering of global stock markets is an expected correction resulting from a reappraisal of risk, International Monetary Fund chief Rodrigo de Rato said on Wednesday.... Humayun proposes PTA talks with Kabul ISLAMABAD, June 14: Commerce Minister Humayun Akhtar Khan on Wednesday suggested initiation of talks on preferential trade agreement (PTA) with Afghanistan, which would lead to free trade agreement (FTA) between the two countries.... Financing for tent supplies KARACHI, June 14: The State Bank has decided to treat local supplies of tents and tarpaulins to the federal or provincial relief commission for earthquake victims as ‘exports’ for the purpose to provide financing under the Export Finance Scheme (EFS).... US consumer prices pick up WASHINGTON, June 14: US consumer inflation sped up in May, according to data out on Wednesday that cemented expectations of another hike in interest rates when the Federal Reserve meets this month.... Tea auction NAIROBI, June 14: Kenyan tea prices were generally firmer at this week''s auction as buyers increased their activity in anticipation of decreasing supply due to cold weather, brokers said on Wednesday.... Palm oil lower NEW DELHI, June 14 :Mlaysian crude palm oil futures fell on Wednesday due to poor demand and weak global commodity markets, dealers sai.... Edible oil imports may remain slow KARACHI, June 14: Pakistan''s vegetable oil imports are likely to remain slow amid expectations of lower prices on the international market as a result of slack global demand, dealers said on Wednesday.... European shares recover slightly LONDON, June 14:European stock markets mounted a small rebound on Wednesday, mirroring a recovery by Japanese shares, a day after global indices endured another beating on concerns that higher interest rates would dampen economic growth.... Asian stocks steady HONG KONG, June 14:Asian stocks steadied after another sharp sell-off with investors braced for the release of all important US inflation data later on Wednesday and the prospect of higher interest rates to follow.... Karachi Port operations KARACHI, June 14: Six ships carrying steel and containers are expected to arrive at the outer anchorage on Thursday, according to KPT sources....

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