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February 01, 2007 Thursday Muharram 12, 1428 Energy cost increases by 58pc in two years: Industry for tariff cut KARACHI, Jan 31: A federal cabinet sub-committee on Energy headed by Prime Minister Shaukat Aziz is holding first meeting on Friday, after almost 18 months of its formation, to review the overall supply and demand position.... Import of used cars causes Rs1.4bn loss KARACHI, Jan 31: The local vendor industry suffered a loss of Rs1.4-1.5 billion during July-December 2006 on account of import of 7,000-7,500 used cars in Pakistan.... KSE index gains 167 points KARACHI, Jan 31: Stocks on Wednesday resumed trading on a higher note as institutional traders and foreign investors continued to make fresh covering purchases on selected counters ahead of their board meetings and market talks of higher payouts.... Steps to make UK centre of Islamic finance LONDON, Jan 31: Economic Secretary Ed Balls set out new measures to establish the UK as the financial partner of choice for emerging markets and a leading global centre for Islamic finance.... Pakistani rice being sold with Indian label ISLAMABAD, Jan 31: As Pakistan failed to register super basmati locally, Indian expatriates based in Dubai and London are selling Pakistani origin basmati in consumer packs branded as of Indian origin at much higher prices, Dawn has learnt.... Consultants hired for KPT projects KARACHI, Jan 31: The Karachi Port has appointed consultants for designing of a cargo village and an industrial park, to be set up over an area of 1303 acres through reclamation of land in the western backwaters of the port.... Canadian energy firm enters into joint venture ISLAMABAD, Jan 31: Canadian Frontier Holdings has entered into partnership with a local company Petroleum Exploration Limited (PEL) by acquiring working interests in seven concessions held by the PEL.... Sales from Sawan gas field increased ISLAMABAD, Jan 31: A consortium led by OMV of Austria has increased total gas sales from Sawan gas field in Sindh province by about 18 per cent to 400 million cubic feet per day from 340 mmcfd.... State Bank mops up Rs70.35bn KARACHI, Jan 31: The State Bank on Wednesday sucked in huge liquidity through auction of treasury bills but the cut-off yields on all maturities remained unchanged.The... Rs457bn collected in July-Jan ISLAMABAD, Jan 31: The Central Board of Revenue (CBR) collected Rs457.5 billion during July-Jan period of the 2006-07 as against Rs369.8 billion collected the same period last year, indicating a growth of 23.7... Oil prices rebound LONDON, Jan 31: Crude oil prices rebounded on Wednesday, extending the previous day''s sharp gains on news that US stocks of distillates, including heating fuel, fell more heavily than expected last week.... Business visa for Saudi Arabia in 24 hours RIYADH, Jan 31: Foreign businessmen and investors can now get visa for Saudi Arabia within 24 hours directly from its missions abroad, Mohammad bin Ahmed Tayeb, director-general of the Saudi foreign... US economy WASHINGTON, Jan 31: US economic growth accelerated to a 3.5 per cent pace in the fourth quarter of 2006, following a 2.0 per cent pace in the third quarter, the government said on Wednesday.... WTO chief urges rapid resumption of talks GENEVA, Jan 31: World Trade Organisation chief Pascal Lamy on Wednesday called for a quick and full resumption of multilateral talks aimed at reaching agreement on the stalled Doha Round.... Pakistan plans bond issue by end-March KARACHI, Jan 31: Pakistan plans to issue a sovereign bond by end-March and a mandate to manage the transaction will be awarded in a couple of weeks, a senior government advisor said on Wednesday.... Listless trading on cotton market KARACHI, Jan 31: Trading activity on the cotton market on Wednesday failed to pick up as both the sellers and the buyers appear to be in post-holiday mood.... Five more cotton fibre testing labs to be set up ISLAMABAD, Jan 31: Minister for Textile Industry Mushtaq Ali Cheema said on Wednesday that his ministry would establish five more cotton fibre testing laboratories to enhance quality of cotton, which would result in value-addition of textile products.... US to press China on yuan WASHINGTON, Jan 31: Treasury Secretary Henry Paulson on Wednesday promised US lawmakers angry over Asian trade policies that he would press China harder to fully float its currency, while keeping a wary eye on Japan''s yen.... Presentation on textile marketing ISLAMABAD, Jan 31: Vice President of Werner International and Director of the Strategy and Marketing Department, Dr Gian Mario Borney, will give a detailed presentation on Thursday on textile marketing strategy for Pakistan.... New cargo clearance system ISLAMABAD, Jan 31: The CBR will launch new cargo clearance system from Thursday at all airports and ports for clearance of all importable and exportable goods.... Karachi Port operations KARACHI, Jan 31: Nine ships carrying tallow, containers and to load naphtha and cement are due to arrive at the Karachi Port on Thursday, according to KPT sources.... Asian stocks close lower HONG KONG, Jan 31: Asian stocks closed mostly lower on Wednesday ahead of a decision by the US Federal Reserve on interest rates, with sentiment also hurt by concern over the Chinese markets.... Palm oil ends 2 pc higher KUALA LUMPUR, Jan 31: Malaysian crude palm oil futures closed almost 2 per cent higher on Wednesday, boosted by firm soyaoil prices. Dealers said a weak export performance reported by cargo surveyors failed to dampen market sentiment.... European shares dip LONDON, Jan 31:European stocks fell on Wednesday as caution prevailed before a US interest rate decision, but shares in London-listed Corus surged after Tata Steel clinched a multi-billion-dollar takeover of the group.... BD tea prices fall CHITTAGONG, Jan 31: The average price of Bangladesh tea fell 0.57 per cent to 95.30 taka ($1.37) per kg on poor quality at a weekly auction on Wednesday, brokers said.... Karachi market rates KARACHI, Jan 31: The following were Wednesday’s commodity market rates in rupees....

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