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May 11, 2007 Friday Rabi-us-Sani 23, 1428 Pakistan Steel poised to earn Rs2 billion profit KARACHI, May 10: What was called a “failed project, a perpetual losing concern and a bottomless pit’’ and hence auctioned off at throw-away price in June last year is now on... Centre may allow Punjab to reduce its debt burden: Rs18bn outstanding LAHORE, May 10: The federal government has indicated to Punjab that it may allow the province to retire more of its expensive cash development loan (CDL) stock from the next financial year....   Textile sector fails to boost exports: SBP: Despite Rs328bn cheaper loans KARACHI, May 10: The textile sector, which received record Rs328 billion subsidised loans in 10 months, caused excess liquidity, distorted the tightening of monetary policy, resulted in money growth much higher... Cement export prices rise 14pc in three months KARACHI, May 10: Cement export is fetching US$65 fob per ton in the main middle eastern markets, the price showing a huge rise of 14 per cent or $8 per ton... Share prices ease on profit-selling KARACHI, May 10: Stocks on Thursday turned mixed as a section of investors took profits on selected counters owing to prevailing tension ahead of Saturday’s proposed rallies by the political parties and fears of law and order situation.... ABN Amro opens first Islamic bank branch KARACHI, May 10: Pakistan will play an important role as an engine of growth in Asia along with China, India and UAE, said ABN Amro CEO for Asia Mr Jeroen Drost... Oil prices rebound LONDON, May 10: World oil prices rallied on Thursday amid concerns about unrest in crude producer Nigeria, wiping out earlier losses linked to larger-than-expected US stockpiles of crude and motor fuel, dealers said.... Customs told to release detained vehicles KARACHI, May 10: The Central Board of Revenue (CBR) has decided to release over 1,000 commercial vehicles, including trucks and buses, seized by the customs authorities following issuance of SRO 255(I) on March 17, 2007.... SBP asked to devise laws for forgery ISLAMABAD, May 10: Prime Minister Shaukat Aziz on Thursday asked State Bank of Pakistan (SBP) to formulate a new law to deal with counterfeiting offences. Chairing a meeting to review the... Wapda to issue bond LAHORE, May 10: Wapda will issue a 10-year sukuk bond worth at least Rs8 billion ($132 million) next month to partly fund projects and for other needs, a senior official said on Thursday.... CSF to provide support to boost exports: Public-private partnership ISLAMABAD, May 10: The Competitive Support Fund (CSF), a joint initiative of the ministry of finance and the United States Agency for International Development (USAID), has decided to strengthen public-private partnership to enhance Pakistan''s competitiveness both through financial and technical means.... Trading picks up on cotton market KARACHI, May 10: Trading activity on the cotton market on Thursday gathered fresh momentum as some of the ginners cleared the backlog of their unsold stocks at the lower rates.... FPCCI to discuss trade ordinance with PM ISLAMABAD, May 10: A delegation of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) will meet Prime Minister Shaukat Aziz next week to discuss minimising the administrative and judicial... Karachi Port operations KARACHI, May 10: Four ships carrying containers and to load rice and cement are due to arrive at the outer anchorage on Friday, according to KPT sources.... Port Qasim KARACHI, May 10: Berthing activity was very slow at the Port Qasim where only one ship carrying 71,409 tons of furnace oil was accommodated berth during the last 24 hours, said a PQA press release on Thursday.... Servicesexport up 2.2pc in nine months ISLAMABAD, May 10: The services sector export up by 2.26 per cent in the first nine months (July-March) of the current fiscal year over the same period last year, the Federal Bureau of Statistics (FBS) said on Thursday.... Asian stocks higher HONG KONG, May 10: Asian stocks closed mostly higher on Thursday buoyed by another record close on Wall Street after the United States Federal Reserve kept interest rates at current levels.... European stocks retreat LONDON, May 10: Europe''s main stock markets pulled back on Thursday in cautious trading before interest rate decisions from the European Central Bank and the Bank of England.... Palm oil up KUALA LUMPUR, May 10:Malaysian crude palm oil futures closed 1.4 per cent higher on Thursday after the state-run palm oil board reported a sharp decline in stocks and a steady increase in exports.... Conference KARACHI, May 10: The Institute of Chartered Accountants of Pakistan and the Institute of Cost and Management Accountants of Pakistan will host a 2-day international conference on May 29-30 in Karachi on ‘Value Creation through Professional Accountants in Business’.... Credit growth BEIJING, May 10: China''s central bank said on Thursday that credit growth is still too high and needs to maintain a reasonable rate of expansion in the months ahead.... US trade deficit WASHINGTON, May 10: The US trade deficit jumped to $63.9 billion in March, boosted by rising prices on oil imports that more than offset higher exports to China, the Commerce Department reported on Thursday....

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