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October 21, 2006 Saturday Ramazan 27, 1427 Govt freezes POL prices to raise Rs20bn: Payment to OMCs ISLAMABAD, Oct 20: The government has decided to freeze the prices of petroleum products at current levels for at least next three months to generate a sum of Rs20bn payable to the oil marketing companies (OMCs) against their price differential claims.... Garment sector gets Rs8.12bn cash subsidy ISLAMABAD, Oct 20: The government paid Rs8.12 billion as cash subsidy on export of readymade garments during June 2005 to September 2006 to make the product competitive with those of China, India and Bangladesh on world market.... Rs321 million for manufacturing, designing centres LAHORE, Oct 20: The Planning Commission has approved an amount of Rs321 million for the establishment of CAD/CAM centres in five industrial towns of the country.... Oil tumbles as traders unsure about Opec’s move LONDON, Oct 20: World oil prices slumped on Friday as traders remained unconvinced over news that the Organisation of Petroleum Exporting Countries would cut daily output by 1.2 million barrels.... Uplift work on industrial estates allowed KARACHI, Oct 20: The Securities and Exchange Commission of Pakistan has granted permission to the F.B. Area Industrial Trading Estate and North Karachi Industrial Trading Estate Development and Management Company to carry out infrastructure development work in their respective areas.... Brown rice export to EU declines ISLAMABAD, Oct 20: The export of brown rice to the European Union has reduced abruptly in the past few years primarily due to high moisture paddy resulting in Aflatoxin -- a fungus contamination -- with rejected consignments that returned to Pakistan.... China auto parts row set to intensify WASHINGTON, Oct 20: An uncompromising China is on collision course with the United States and other trading partners in a WTO row over auto parts, a US trade official said on Friday.... ICP defends auction of portfolio shares KARACHI, Oct 20: The Investment Corporation of Pakistan has justified the distribution and auction of its investment portfolio shares among its shareholders on October 10 and maintained that “in a company... Phutti arrivals fall 2.9pc MULTAN, Oct 20: Phutti arrivals into ginneries recorded a fall of 2.9 per cent to 2.468 million bales till October 15 as compared to 2.541 million bales of last year.... PM endorses setting up of Economic Reform Unit ISLAMABAD, Oct 20: Prime Minister Shaukat Aziz has accorded formal approval to set up Economic Reform Unit (ERU) in the finance ministry for continuity of economic reforms agenda and development of private sector.... Anti-takeover step NEW YORK, Oct 20: Shareholders of News Corp., the global media conglomerate controlled by Rupert Murdoch, approved the extension of a “poison pill” anti-takeover measure by a vote of 57 per cent at the company''s annual shareholder meeting on Friday.... Superjumbo sales PARIS, Oct 20: Airbus will have to sell 50 per cent more A380 superjumbo airliners to cover costs than it had planned, but the co-head of Airbus parent company EADS insisted the aircraft manufacturer would restructure to recover its former glory.... Cotton market lacks lustre KARACHI, Oct 20: Dull trading conditions prevailed on the cotton market on Friday as leading ginners were conspicuous by their absence in an apparent attempt to forestall further decline in prices.... Tata Steel acquires Corus Group LONDON, Oct 20: Indian group Tata Steel won the hand of Anglo-Dutch company Corus on Friday in a proposed 6.39-billion-euro deal, creating a global giant and marking the biggest ever foreign foray from the emerging Indian economy.... South Korea seeks early FTA with US SEOUL, Oct 20: South Korea''s finance minister called on Friday for an early free trade agreement with the United States to lessen the economic impact of North Korea''s nuclear test, as negotiators prepared for another round of talks.... Ford in red DETROIT, Oct 20: Ford Motor Co. on Monday is expected to post its third straight quarterly loss as it details charges for shedding jobs and the toll the restructuring is taking on its cash position, analysts said.... Asian stocks follow Wall Street’s record and close higher HONG KONG, Oct 20: Asian stocks followed the record performance set by Wall Street overnight and closed solidly higher on Friday with many markets nearing all-time best or multi-year highs.... EU leaders seek energy assurances from Putin LAHTI (Finland), Oct 20: European Union leaders held talks with President Vladimir Putin on Friday, attempting to secure guarantees over energy supplies but promising to bring up the issue of Russia''s human rights record.... Dollar under pressure against euro LONDON, Oct 20: The dollar was under pressure against the euro here on Friday in response to weak US manufacturing data.... London gold prices London, Oct 20: Gold spiked above the key $600 level on an unexpectedly large cut in Opec oil product, but fell back on Friday after oil failed to hold onto gains, traders said.... European stocks forge higher LONDON, Oct 20: European stock markets advanced on Friday following earlier Asian gains, and in the wake of yet another record performance on Wall Street, dealers said.... Securities settlement system FRANKFURT, Oct 20: The European Central Bank will draw up a blueprint by February for a securities settlement platform to handle most stock and bond trades made in the euro currency.... Malaysian palm oil ends up KUALA LUMPUR, Oct 20: Malaysian crude palm oil futures closed higher on Friday, boosted by strong export estimates from cargo surveyors and higher prices of rival soyaoil.... European industry buys cocoa HAMBURG, Oct 20:European industry made steady but unspectacular purchases of cocoa beans this week in periods when the London market fell, traders said on Friday.... Port Qasim KARACHI, Oct 20: Brisk shipping activity was observed at the port where five ships scheduled to load, offload containers, chemicals and furnace oil were arranged berthing at various terminals during the... Karachi Port operations KARACHI, Oct 20: Six vessels carrying palm oil, steel and containers are expected to arrive at the outer anchorage on Saturday, according to KPT sources....

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