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January 25, 2007 Thursday Muharram 05, 1428 Cement industry in a state of recession KARACHI, Jan 24: The cement industry people say that the current domestic demand leaves a surplus of 15 million tons of cement, and the country has an estimated export potential of 1.2... Textile exports fetch $5.3bn in 6 months KARACHI, Jan 24: Textile products are gradually catching up with their half-yearly proportionate export targets fetching a total amount of $5.34 billion in July-December 2006 as against a projection of $5.53... NIT to make Rs5 billion windfall from block sales KARACHI, Jan 24: National Investment Trust (NIT) would benefit from a windfall gain of around Rs5 billion — Rs4.7 billion to be exact, from the block sales of shares in PICIC; Prime Bank and the recently announced Lakson Tobacco Company Limited.... Southern IT region collects Rs17.9bn KARACHI, Jan 24: The revenue collection by the Southern Region of Income Tax rose by 19.73 per cent to record Rs17.990 billion during the first half (July-Dec) of the current fiscal year as compared to Rs15.025... Islamic banks told to enhance market share KARACHI, Jan 24: Islamic banks should capture a 10 to 15 per cent share of the total banking assets of Pakistan in the next five years by exploiting a huge untapped customer base, the central bank governor said on Wednesday.... LHC bench suspends ruling against LSE LAHORE, Jan 24: A division bench of the Lahore High Court on Wednesday suspended the order of single bench, which had earlier ordered the Lahore Stock Exchange (LSE) and Central Depository... PMI offer for Lakson shares from Feb 15 KARACHI, Jan 24: Philip Morris International (PMI) announced on Wednesday that it intended to commence public tender offer for shares in Lakson Tobacco Company on February 15, 2007.... Oil prices ease as US energy stocks climb LONDON, Jan 24: World oil prices headed lower on Wednesday, handing back some of the previous day’s sharp gains after news that US energy stocks rose across the board last week, traders said.... KSE 100-share index gains 152 points KARACHI, Jan 24: Fresh heavy buying in MCB and National Bank linked to higher dividend featured the Wednesday’s stock market trading pushing the KSE 100-share index up by 152 points amid an expanded turnover figure of over 200m shares.... Client level netting put off for one month KARACHI, Jan 24: The Karachi Stock Exchange (KSE) said in an announcement made in the evening on Wednesday that the implementation of client level netting would now be effective from March... Automated ST refund procedure ISLAMABAD, Jan 24: The Central Board of Revenue (CBR) on Wednesday rolled out simplified automated refund procedure for processing refunds of sales tax in five zero-rated sectors.... Price war continues on cotton market KARACHI, Jan 24: Trading activity on the cotton market on Wednesday turned slow as ginners and spinners remained locked in a price war but the latter appeared to be on the receiving end owing to pressure on ready supplies.... IT returns rise by 21.7pc in six months ISLAMABAD, Jan 24: Chairman Central Board of Revenue (CBR) Abdullah Yousuf on Wednesday directed tax officers to penalise all those withholding agents not filing monthly statements with the income tax department.... UN drug control adviser visits PQA KARACHI, Jan 24: A three-member delegation of United Nations Office on Drugs and Crime (UNODC) led by Clifford Craig, chief technical adviser visited Port Qasim on Wednesday and held meeting with the chairman PQA Vice-Admiral Asad Qureshi.... Karachi Port operations KARACHI, Jan 24: Seven ships carrying chemicals, containers and to load kinoo are expected to arrive at the outer anchorage on Thursday, according to KPT sources.... Port Qasim KARACHI, Jan 24: Two ships to load and offload containers and edible oil were allotted berths at QICT and MPT during the last 24 hours, said a PQA press release on Wednesday.... Marble exports to touch $500 millin in five years ISLAMABAD, Jan 24: Minister for Industries, Production and Special Initiatives Jahangir Khan Tareen said on Wednesday that the government planned to enhance the export of marble and granite to $500 million in the next five years.... China’s Economy BEIJING, Jan 24: China''s economy, the world''s fourth-largest, probably grew by 10.5pc last year, a top tax official said Wednesday.... EU plans to tackle rising airport costs BRUSSELS, Jan 24: The European Commission laid out plans on Wednesday to tackle skyrocketting airport fees charged to airlines, and ultimately to passengers, by making the system more transparent and setting up independent regulators.... Ministerial body for textile sector LAHORE, Jan 24: A ministerial committee is being constituted to find out ways for the resolution of problems presently confronting country''s textile sector.... KCCI body member KARACHI, Jan 24: Mohammad Rizwan of Karachi Electronics and Small Traders Association has become member of three sub committees namely: law and order, customs and valuation and import and anti smuggling... Seminar LONDON, Jan 24: The City of London is arranging a special seminar on Islamic finance here on Jan 26 to discuss the salient features of this developing sector.... Asian stocks sharply higher HONG KONG, Jan 24: Asian stocks resumed their rally on Wednesday and closed sharply higher after strong gains were registered on Wall Street overnight amid solid earnings results.... BoE voted 5-4 to hike rates to 5.25pc LONDON, Jan 24: Bank of England policymakers voted narrowly for a surprise rate increase to 5.25 per cent in January, minutes of their latest meeting showed on Wednesday.... Gold off 7-week high LONDON, Jan 24: Gold drifted lower on Wednesday after trading just below a seven-week high, pressured by a rise in the dollar and weaker oil, but sentiment remained strong.... Palm lower KUALA LUMPUR, Jan 24: Malaysian crude palm oil futures closed 1.8 per cent lower on Wednesday as supplies from the flood-hit southern region improved and overseas demand remained weak....

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