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February 21, 2007 Wednesday Safar 3, 1428 IPPs seek payment of Rs10bn power dues ISLAMABAD, Feb 20: Independent Power Producers (IPPs) have started pressing the government to make the Water and Power Development Authority (Wapda) pay their outstanding payments for power purchases that range between Rs8 to 10 billion.... Cement makers given one week to reduce price ISLAMABAD, Feb 20: The government asked the cement producers on Tuesday to scale down per bag price within a week, otherwise stern action would be taken against them, including levy of... Sharp fall in private sector credit flows KARACHI, Feb 20: Credit disbursements to private sector significantly dropped during the first seven months of the current fiscal, reflecting a slow industrial and trading activity despite hopes for a higher than seven per cent economic growth.... Only 30 firms pay half of total sales tax receipts ISLAMABAD, Feb 20: Poor enforcement of the sales tax regime by Central Board of Revenue (CBR) in the last few years has resulted into a narrow tax-base, where just 30 top... CSF plan to improve women’s skills KARACHI, Feb 20: Women population of the country will have to be equipped with skills to productively integrate them into the economic mainstream to scale up on the chart of global competitiveness.... CDNS to cancel agency function of Post Office: Lack of reconciling accounts ISLAMABAD, Feb 20: The Central Directorate of National Savings (CDNS) is likely to cancel the agency functions of Pakistan Post Office as it has failed to ensure timely auditing and stock reconciling of accounts.... Saudi help sought for early FTA with GCC RIYADH, Feb 20: Commerce Minister Humayun Akhtar Khan has urged Riyadh to help accelerate the finalisation of the Free Trade Agreement between GCC and Pakistan.... Massive selling halts recovery drive on KSE KARACHI, Feb 20: Stocks on Tuesday failed to extend the overnight recovery drive as leading base shares fell sharply lower on selling triggered by reports that client level netting would be implemented by March 5.... Dollar gains NEW YORK, Feb 20: The yen fell for a third day against the dollar and euro on Tuesday as investors conceded that an interest rate hike by the Bank of Japan is unlikely to curb the selling of the Japanese currency.... Divestment of US steel unit ordered WASHINGTON, Feb 20: The US Justice Department said on Tuesday that it would require European steel giant Arcelor Mittal to divest a large US steel mill located near Baltimore, Maryland, to resolve concerns about its recent merger.... Sri Lankan mobile phone users up 59pc COLOMBO, Feb 20: Sri Lanka''s telecom sector soared in 2006 to 7.3 million users, led by a 59 per cent jump in new mobile phone connections on competition and falling call rates, the telecom watchdog said on Tuesday.... Lint price moves up on brisk buying KARACHI, Feb 20: Cotton market on Tuesday recovered from the overnight lower levels after ginners raised their asking prices as spinners indulged in big-lot business.... Guinea faces thin recovery prospects CONAKRY, Feb 20: Guinea, though very rich in mineral resources, is ranked among the worst economic performers of Africa and the political crisis engulfing the country further strains its chances of recovery.... Mittal to invest $720m in refinery NEW DELHI, Feb 20: Steel magnate Lakshmi Mittal will invest $720 million for a 49 per cent stake in a refinery to be run by India''s state-run Hindustan Petroleum (HPCL), the government said on Tuesday.... Karachi Port operations KARACHI, Feb 20: Cargo handling activity at the Karachi port’s wharves fell sharply on Tuesday owing perhaps to safety steps taken by the authorities in the backdrop of Sunday’s fire in the PNSC building.... Port Qasim KARACHI, Feb 20: Three ships carrying containers and furnace oil took berths at QICT and Fotco Terminal during the last 24 hours, said a PQA press release on Tuesday.... Indonesia to cut state firms by 50pc JAKARTA, Feb 20: Indonesia will reduce the number of state-owned companies from 139 to 69 by 2009 through privatisation or liquidation, Vice President Jusuf Kalla said.... Airbus rescue plan PARIS, Feb 20: Strains between France and Germany over a rescue plan for Airbus hardened on Tuesday when Germany deflected French suggestions that a top-level meeting on Friday could decide where cuts will fall.... Financing for SMEs KARACHI, Feb 20: The Bank Al Falah has agreed to finance small and medium units being set up at the newly established SME industrial estate at Deh Gaggar near Karachi.... Talks on services under FTA with China ISLAMABAD, Feb 20: Pakistan and China will start formal negotiations on services under the Free Trade Agreement (FTA) during the up-coming visit of Pakistani prime minister to Beijing.... German prices WIESBADEN, Feb 20: German producer prices, the price of goods at the factory gate, rose by 3.2 per cent on a 12-month basis in January, the slowest rate in just over two years, the federal statistics office Destatis said on Tuesday.... Asian stocks higher HONG KONG, Feb 20: Asian stocks closed mostly higher on Tuesday but gains were less than convincing with investors sidelined ahead of a decision on Japanese interest rates due Wednesday....

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