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May 16, 2007 Wednesday Rabi-us-Sani 28, 1428 ADB issues final draft on TAPI gas project ISLAMABAD, May 15: The Asian Development Bank (ADB) has circulated final draft of a four-nation inter-governmental agreement on $4 billion Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline that would lead to further discussions for crystallising the project.... Govt refuses to cut duty, taxes on palm olien: Costly ghee, oil KARACHI, May 15: The government has again rejected the demand of the ghee and cooking oil manufacturers for reduction in import duty on palm olien and slashing of other taxes to provide relief to consumers....   Pakistan-EU commission to discuss FTA: Meeting begins on 24th ISLAMABAD, May 15: The Pakistan-European Union Joint Commission will meet here on May 24 after a gap of 10 years amid hopes of making some progress on the proposed Free Trade Agreement (FTA), officials told Dawn.... Oil prices climb on supply fears LONDON, May 15: World oil prices rose on Tuesday on concerns over tight supplies, amid unrest in major oil exporter Nigeria and despite forecasts of rising motor fuel reserves in the United States, dealers said.... Withdrawal of SIM activation tax sought ISLAMABAD, May 15: The GSM Association, (GSMA), the global trade association for mobile phone operators, pushing for complete elimination of Rs500 SIM activation tax, said on Tuesday the move would fuel economic development and increase tax receipts across the wider economy.... Rupee falls sharply against dollar KARACHI, May 15: The Pakistani rupee fell sharply on Tuesday on higher demand for the dollar in the inter-bank market but dealers said the local unit was unlikely to fall much further.... Exports to Georgia up by192.8pc ISLAMABAD, May 15: Pakistan’s exports to Georgia recorded a 192.8 per cent growth during the fiscal year 2006 to $1.233 billion as against $685 million over the previous year.... KCCI slams acceptance of unlawful FPCCI demands KARACHI, May 15: The leadership of Karachi Chamber of Commerce and Industry has reacted sharply to the media reports attributed to a “self styled leader of the Federation of Pakistan Chambers... Stocks manage modest gains on follow-up support KARACHI, May 15: Stocks on Tuesday recovered from the overnight lower levels as leading shares came in for active follow-up support as the city is limping back to normalcy after last Saturday’s carnage.... Trading gets slow on cotton market KARACHI: Trading on the cotton market resumed on a dull note as both spinners and mills kept to the sidelines apparently calculating overhead costs on import of Indian lint as compared to the local stuff.... Karachi Port operations KARACHI, May 15: Five ships carrying containers and to load cement and molasses are expected to arrive at the outer anchorage on Wednesday, according to KPT sources.... Date extended ISLAMABAD, May 15: The Central Board of Revenue (CBR) has extended the last date for filing sales tax and federal excise returns to May 17 from May 15.... EU agrees to open markets to former colonies BRUSSELS, May 15: European Union countries agreed on Tuesday to open their markets to African, Caribbean and Pacific nations by scrapping most tariffs and quotas on their exports, despite reluctance from banana growers.... US sees little progress in trade with China SHANGHAI, May 15: The United States expects only limited gains in trade policy with China this year because of a busy Chinese political calendar, the US Treasury attache to Beijing said on Tuesday.... US Justice Dept may review merger deal WASHINGTON/BRUSSELS, May 15: The US Justice Department is likely to review Thomson Corporation''s 8.7 billion-pound ($17.2 billion) takeover agreement with Reuters, a spokeswoman for the US competition authority said on Tuesday.... Machinery orders tumble TOKYO, May 15: Japan''s machinery orders dropped unexpectedly in March, the government said on Tuesday, raising concern that corporate capital spending, one of the key drivers of the economic recovery, is slowing down.... Trade talks WASHINGTON, May 15: The Bush administration still faces big hurdles to renewing its “fast track” trade negotiating authority despite a deal with top Democrats. The deal struck last week in House... WTO talks PARIS, May 15: WTO director general Pascal Lamy said on Tuesday that talks on freeing world trade are not blocked but are progressing. “There is no deadlock any more – it’s... Rating KARACHI, May 15: The Pakistan Credit Rating Agency (PACRA) has maintained the rating of First Habib Modaraba (FHM) at”AA” (Double A) and “A1+ (A one plus) for long-term and short-term, respectively, says a press release.... Malaysian palm oil slips KUALA LUMPUR, May 15: Malaysian crude palm oil futures fell 1.8 per cent on Tuesday as players booked profits after strong gains that pushed the market to near-nine year highs.... European stocks LONDON, May 15: European stocks reversed their earlier losses to trade broadly flat on Tuesday after a slightly weaker-than-expected US consumer inflation report. The FTSEurofirst 300 index of top European shares traded up 0.05pc... Asian stocks close lower HONG KONG, May 15: Asian stocks closed lower on Tuesday with a mixed performance on Wall Street providing investors with an excuse to cash-up on recent sharp gains that had delivered many benchmarks to record highs....

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