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May 17, 2007 Thursday Rabi-us-Sani 29, 1428 Textile mills seek govt help to close units: Losses become unbearable LAHORE, May 16: Spinners want the government to devise a regulatory mechanism to facilitate the closure and possible subsequent liquidation of units incurring unsustainable losses because of internal and external factors.... Steel mills to use iron ore found in Balochistan: Tuwairqi contacts mining firm KARACHI, May 16: Two steel mills — the state-owned Pakistan Steel of over one million tons capacity and the upcoming private sector project - Tuwairqi Steel Mills - with same production...   KSE board elects chairman, sidetracks other issues KARACHI, May 16: Mr. Shaukat Tarin, best known for his banking brilliance, was elected chairman of the Board of Karachi Stock Exchange on Wednesday. The meeting of the KSE board... Stocks suffer 112 points fall on profit-taking KARACHI, May 16: Stocks on Wednesday suffered widespread pruning as investors took profits at the inflated levels on all the blue chip counters but analysts differ on the snap reaction.... Monetary growth hits target in 10 months KARACHI, May 16: The monetary growth during the July-April period of 2006-07 reached the figure the government had projected for the full fiscal year, turning the task to rein in inflation more difficult for the State Bank.... Spinners want Rs14bn loans swapped ISLAMABAD, May 16: The spinning sector is seeking swapping of about Rs14 billion loans to improve competitiveness and offset losses it faced on account of surge in interest rates, it is learnt.... Markets lack normal shopping activity KARACHI, May 16: Markets and shopping centers have yet to witness normal rush of buyers after the May 12 bloody violence in the city. Meanwhile, Rangers have approached the market leaders... Pakistan for early Doha round conclusion ISLAMABAD, May 16: Commerce Minister Humayun Akhtar Khan said on Wednesday that the biggest challenge to the multilateral system is the impact of bilateral deals — free trade agreements (FTAs).... Physical trading on NCEL may be delayed KARACHI, May 16: The recently-inaugurated National Commodity Exchange Limited (NCEL) may not be able to start physical trading in gold by Friday owing to some technical factors including proper launching premises, market sources said on Wednesday.... Dollar firmer LONDON, May 16: The dollar firmed against the euro on Wednesday as data on US housing starts and industrial production came in above expectations. In late European trading, the euro was changing hands at $1.3515,... Collection exceeds target KARACHI, May 16: The Sindh Excise and Taxation Department collected Rs6,884.82 million during the first 10 months (July-April) of this fiscal year, surpassing the target set for the period by Rs106.88... Oil prices drop LONDON, May 16: World oil prices fell on Wednesday after official US government data revealed that American energy inventories jumped higher last week, traders said. In London, the price of Brent... Tax agreement ISLAMABAD, May 16: Pakistan and Japan have revised the existing agreement for avoidance of double taxation on income and prevention of fiscal evasion, a tax official said on Wednesday.... CBR offers to collect farm income tax ISLAMABAD, May 16: CBR chairman M Abdullah Yousuf said on Wednesday that the Central Board of Revenue can help collect agriculture income tax whose collection is so far very poor and constitutes a negligible part of the overall collection.... Cotton market lacks lustre KARACHI, May 16: Cotton market on Wednesday lacked normal trading interest as spinners kept to the sidelines owing to problems on the export front. Stray lots did change hands but well... US-South Korea FTA may collapse SEOUL, May 16: A senior South Korean official warned on Wednesday that free trade deal with the United States could collapse if Washington “unilaterally” urges Seoul to revise it to reflect new US policy guidelines.... Currency reforms SHANGHAI, May 16: Chinese Premier Wen Jiabao said on Wednesday his government was pushing ahead with reform to allow the market a bigger role in determining the nation''s currency, the yuan.... Uzbekistan to boost gas exports TASHKENT, May 16: Uzbekistan plans to raise natural gas exports to 14.50 billion cubic metres this year from 12.65 billion cubic metres in 2006, a senior energy official said on Wednesday.... OECD states agree to invite Russia PARIS, May 16: The Organisation for Economic Cooperation and Development, acknowledging that it must adapt to a changing global economy, on Wednesday invited Russia and four other nations to join OECD membership talks.... China, US to discuss IPRs BEIJING, May 16: China and the United States plan to hold talks on the protection of intellectual property rights and market access for publications, Chinese state media said on Wednesday.... Karachi Port operations KARACHI, May 16: Six vessels carrying containers, lube oil and rock phosphate are due to arrive at the outer anchorage on Thursday, according to KPT sources.... Port Qasim KARACHI, May 16: Three ships to load and offload containers and diesel oil were accommodated berths during the last 24 hours, said a PQA press release on Wednesday.... Appointment KARACHI, May 16: Ms Ayesha Aziz has been appointed managing director of Pak-Brunei Investment Company. Ms Aziz is currently the CEO of Pak-Oman Asset Management Company.... Asian stocks higher HONG KONG, May 16: Asian stocks closed mostly higher on Wednesday after tame inflation data eased any jitters over United States interest rates and drove Wall Street to a record close.... Malaysian palm oil up KUALA LUMPUR, May 16: Malaysian crude palm futures closed 1.2 per cent higher on Wednesday, supported by strong soyaoil prices and fresh buying. Traders said the market was expected to remain higher due to tight supplies and strong export demand.... European shares lower LONDON, May 16: Europe’s main stock markets dipped on Wednesday after a mixed showing by Wall Street overnight, dealers said. In afternoon deals, the British capital''s FTSE 100 index of leading shares fell 0.12... Gold steady LONDON, May 16: Gold held in a well-trodden range on Wednesday after bouncing off a one-month low three times in the past five trading sessions, aided by a weaker dollar and firmer crude oil prices.... Karachi market rates KARACHI, May 16: The following were Wednesday’s commodity market rates in rupees....

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