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July 12, 2006 Wednesday Jumadi-ul-Sani 15, 1427 PS confident of earning Rs3-4 billion in 2006-07 KARACHI, July 11: Pakistan Steel chairman, senior management, engineers and workers are confident of operating on 90 per cent plus and earning a net profit of Rs3-4 billion during the fiscal year 2006-07.... Trust puts off plan to raise rents: Evacuee property KARACHI, July 11: The Evacuee Trust Property Board (ETPB) has suspended its plan of increasing rent by 1,000 per cent on commercial properties from July 1, as per notices issued to the tenants during April to June.... Stone company to set up marble cities ISLAMABAD, July 11: Minister for Industries, Production and Special Initiatives Jahangir Khan Tareen said on Tuesday the establishment of Pakistan Stone Development Company (Pasdec) was indeed a great step forward.... Oil prices climb on supply concern LONDON, July 11: Oil prices rose briefly above $74 on Tuesday on supply concerns fuelled by determination by Iran to complete its nuclear fuel programme despite deep opposition by the West, dealers said.... Too much cash chasing too few shares KARACHI, July 11: The enormous gains that investors made from subscriptions in initial public offerings (IPOs) of state-owned companies, such as Oil and Gas Development Company Limited (OGDC) and Pakistan Petroleum Limited (PPL), brought them in droves to Pakistan’s capital markets.... US cuts budget deficit estimates WASHINGTON, July 11: The US budget deficit will be trimmed to an estimated $296 billion in the current fiscal year, down sharply from earlier projections, President George W Bush said on Tuesday.... Expertise sought in sugarcane, livestock sectors ISLAMABAD, July 11: Pakistan wants to benefit from the experiences of Argentina and Brazil in the field of livestock and sugarcane production, said Minister for Food, Agriculture and Livestock (Minfal), Sikandar Hayat Bosan.... Stocks stage snap rally, recover 151.46 points KARACHI, July 11: Stocks on Tuesday staged a snap rally boosted by active short-covering in leading oil, bank and cement shares, but the underlying sentiment continues to be terribly nervous owing to ongoing probe on the market crash of March 2005....ment Fund (SDF).... R&D subsidy to garment sector ISLAMABAD, July 11: The government is likely to extend six per cent research and development (R&D) subsidy to the garment sector up to June 30, 2007.... Plea to allow release of used cars KARACHI, July 11: The All Pakistan Motor Dealers Association (APMDA) has urged the government to allow the release of vehicles of less than five years old that were shipped prior to the announcement of budget 2006-07........ Eurotunnel PARIS, July 11: The board of Eurotunnel, the company that runs the rail tunnel linking France and Britain, met with creditors on Tuesday to try to restructure its huge debt and avert a crisis by a deadline of midnight on Wednesday.... Canada interest rates unchanged OTTAWA, July 11: The Bank of Canada will need overwhelming evidence to persuade it to raise interest rates again this year after the spectre of a US slowdown and a strong currency led it to halt its tightening campaign on Tuesday.... Dollar lower against euro LONDON, July 11: The dollar drifted lower against other major currencies on Tuesday as the markets waited uneasily for US trade figures for May.The euro stood at $1.2755... KarachiPort operations KARACHI, July 11: Ten ships carrying crude oil, chemicals and steel are expected to arrive at the outer anchorage on Wednesday, according to KPT sources.... Cotton market resists fresh decline KARACHI, July 11: The cotton market on Tuesday resisted fresh decline as ginners held on to their unsold stocks rather than selling at the lower levels....   Port Qasim KARACHI, July 11: Brisk shipping activity was observed at the port where four ships scheduled to load, offload containers, cement and edible oil were berthed during the last 24 hours, a PQA press release said on Tuesday....   AMC sells 495 cars KARACHI, July 11: Adam Motor Company (AMC) has sold 495 cars in less than one year of its operation and is currently manufacturing seven to eight cars per day.... Kenya tea mixed NAIROBI, July 11: Kenyan tea prices were mixed at Tuesday''s auction, with Best Pekoes Ones easing on reduced competition among buyers, brokers said. The Mombassa-based Africa Tea Brokers (ATB) reported fairly good demand for the 86,760 packages on offer.... BD raises ACU payment on higher imports DHAKA, July 11: Bangladesh has remitted $339.97 million to the Asian Clearing Union (ACU) to pay for the higher cost of imports, officials of the central bank said on Tuesday.... Fixed asset investment BEIJING, July 11: China''s urban fixed asset investment rose 31.3 per cent in the first six months of the year compared with the same period last year, the government said on Tuesday....       Asian stocks narrowly mixed   Gold prices HONG KONG, July 11: Asian stocks were narrowly mixed on Tuesday after an indifferent Wall Street performance overnight left investors with no real lead to follow, dealers said.... LONDON, July 11: Turkish gold jewellery demand rose in the last two months due to lower and steadier world prices and the revival is seen continuing in the second half of the year, Turkey's leading jewellery retailer said on Tuesday....       Palm oil up KUALA LUMPUR, July 11: Malaysian crude palm oil futures closed marginally higher on Tuesday because of firm soyaoil prices but gains were limited by large stocks and slow exports, dealers said.... European stocks weaken LONDON, July 11: European stocks lost ground on Tuesday, with the telecoms sector under scrutiny following an overnight profits warning from US group Lucent, dealers said.....

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