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June 17, 2006 Saturday Jumadi-ul-Awwal 20, 1427 Duty-free import of tractors to hit industry KARACHI, June 16: The local tractor industry and its vendors anticipate that the duty free import of used and new tractors, announced in the 2006-07 budget, will help dumping of junk tractors of various origins in the country.... Textile industry warns of default on loans KARACHI, June 16: The textile industry has warned the government that there will be a large scale default on bank loans and advances if no steps are taken to ensure the... Pakistan to become major global manufacturer KARACHI, June 16: Dr Salman Shah, adviser to the prime minister on finance and economic affairs, has said Pakistan will become major manufacturing country of the world with the high economic... Oil prices dip on positive Iran news LONDON, June 16: World oil prices dipped on Friday as traders were reassured over positive developments concerning the Iranian nuclear energy crisis, dealers said.New York’s main contract, light sweet crude for delivery in July, fell 50 cents to $69.00... $506.57 million remittances sent in May KARACHI, June 16: Pakistan received record $506.57 million remittances in May as against $358.30 million in the same month last year, depicting an increase of $148.27... Canadian economy WASHINGTON, June 16: Canada’s economic outlook is “broadly favourable,” with growth likely to remain around the country’s potential and inflation subdued, the International Monetary Fund said on Friday.In... Rs250m okayed to promote mango export ISLAMABAD, June 16: The Export Development Fund (EDF) Board on Friday approved an amount of Rs250 million for assistance to promote the export of mangoes to European destinations.... Quota elimination WB sees negative impact on clothing sector ISLAMABAD, June 16: The World Bank sees a `negative impact’ on the clothing sector of Pakistan as a result of quota elimination and asks the government to improve productivity and efficiency... Study to improve air cargo handling KARACHI, June 16: The Commerce Ministry is conducting a study on creation/improvement of cargo handling facilities at airports as part of the National Trade Corridor Implementation Programme approved by Prime Minister Shaukat Aziz.Syed... KSE index finishes with 429-point gain KARACHI, June 16: Stocks on Friday finished with an extended gain as investors continued to build-up long positions at the attractively lower levels on the bank, oil and some other blue... Free trade essential for reducing global poverty WASHINGTON, June 16: President George Bush on Thursday said the strategy to defeat extreme poverty begins with trade. Speaking at the 2006 National Summit to end poverty, sponsored by the private-sector... India eyes FTA with Japan TOKYO, June 16: India said on Thursday it hoped to strike a free-trade agreement with Japan by year end as the countries said they would encourage smaller Japanese businesses to invest in manufacturing.Visiting... Body to certify electrical goods quality ISLAMABAD, June 16: The certification committee of Engineering Development Board (EDB) for electrical goods on Friday decided to form an inter-ministerial committee to initiate immediate measures for establishment of a central certification authority in the country to meet international markets’ requirements.The... Cotton market dull on higher prices demand KARACHI, June 16: The cotton market on Friday passed through a relatively dull session as spinners kept to the sidelines most of the time owing to higher asking prices by those ginners who still hold bulk of the unsold fine lots.Some... US, EU trade leaders call for early WTO deal WASHINGTON, June 16: The US and European business leaders called on Thursday for an ambitious effort to conclude the Doha Round of trade talks to help industrial and emerging economies to reap benefits from freer trade.The... Brazilian cotton team visits KCA KARACHI, June 16: A delegation of cotton growers from the Mato Grosso Cotton Growers Association (AMPA), Brazil, headed by Andrew Macdonald, international marketing adviser, AMPA, and former president of the International Cotton Association, on Thursday visited the Karachi Cotton Association (KCA).... Euronext merger PARIS, June 16: The planned merger between pan-European stock market Euronext and the New York Stock Exchange would allow France to boost its role in the financial world, NYSE chief executive John Thain said on Friday.“Our... Export display centre ISLAMABAD, June 16: The project of Export Display Centre, a private sector initiative, will be launched very soon to boost exports of this northern region of the country.Islamabad... Karachi Port operations KARACHI, June 16: Five ships carrying sugar, wheat and general cargo are expected to arrive at the outer anchorage on Saturday, according to KPT sources.Berthing activity at the wharves was modest... Asian stock markets rally HONG KONG, June 16:Asian stocks extended their rebound on Friday after reassuring comments on the United States economy from US Federal Reserve Chairman Ben Bernanke inspired a sharp rally on Wall Street.Gains... Gold clearing volumes down in May LONDON, June 16: Gold clearing volumes fell 6.1 per cent to a daily average of 24.5 million ounces in May from the previous month, the London Bullion Market Association (LBMA) said on Friday.Based... Palm oil falls NEW DELHI, June 16: Malaysian crude palm oil futures shed early gains to close lower on Friday for the fourth straight day on fears that declining exports will push up stocks, dealers said.Gains...

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