DAWN - Business; May 29, 2007

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May 29, 2007	Tuesday	Jamadi-ul-Awwal 12, 1428

Insurance companies launch new products KARACHI, May 28: Adamjee Insurance Company Limited (AICL) launched “livestock insurance” on Thursday last. Looking at the advertisement in newspapers, one was compelled to ask company officials: “Suppose the impoverished looking...		PM for regulating wheat supply ISLAMABAD May 28: Prime Minister Shaukat Aziz has directed all the provincial governments to play their role in regulating wheat and wheat flour supplies in their respective markets to stabilise their prices....

Pakistan wants BIT a part of FTA with US ISLAMABAD, May 28: Pakistan has asked the United States to make the Bilateral Investment Treaty (BIT) a part of the proposed Free Trade Agreement (FTA) instead of signing them separately in...		Withholding tax to be reduced to 3pc: Raw material import KARACHI, May 28: The Central Board of Revenue (CBR) is working on options for reducing taxes to help cut cost of doing business and provide relief to industrialists and exporters so that country’s products can compete in the world market....

Bull-run continues on stock market KARACHI, May 28: The KSE 100-share index on Monday breached through the fourth consecutive barrier in a row followed by fresh heavy buying in cement, banking and oil shares, which still have a potential of capital appreciation....		Parco exports 60,000 tons of petrol KARACHI, May 28: The Pak-Arab Refinery Limited (Parco) has, so far, exported around 60,000 tons of petrol since October 2006 and is likely to meet its current fiscal year target of 80,000 tons by the end of June....

German firm to set up dairy plant LAHORE, May 28: Following the investment by a multinational German store ''Metro'' in Pakistan, a Germany based dairy products company will also invest here and a delegation of the firm will soon visit Pakistan in this regard....		Law in the offing to upgrade EDB ISLAMABAD, May 28: The government is expected to convert the Engineering Development Board (EDB) into an authority through a presidential ordinance in the later part of next month, an official said on Monday....

Equity limit for foreign insurance firms doubled ISLAMABAD, May 28: The government has doubled the minimum equity requirement for foreign insurance companies to operate with 100 per cent ownership rights in life, non-life and general insurance business....		Temasek to buy more PICIC shares ISLAMABAD, May 28: Singapore state investor Temasek Holdings will acquire an additional 14 per cent of shares in Pakistan Industrial Credit and Investment Corp. (PICIC) from small investors through a tender offer....

Foreign ownership rules KUALA LUMPUR , May 28: Indonesia is reviewing policies on foreign equity ownership in some sectors to enhance transparency and legal clarity in its investment regulations, top officials told a Malaysian business forum on Monday....		Rice imports likely LAHORE, May 28: Pakistan may soon be importing rice for the first time in its history to meet its domestic demand as prices in the local market have risen by over...

Pakistan to cut duty on Malaysian palm oil: Bilateral FTA next year ISLAMABAD, May 28: Malaysia will allow import of Pakistan’s textile products at a zero-rate of duty under a free trade agreement (FTA) which comes into effect on Jan 1 next, Dawn has learnt....		Prgmea needs 6pc rebate for another 3 years LAHORE, May 28: Readymade garments exporters have called for continuation of the support being extended to the value added clothing sector in the shape of 6 per cent Research and Development...

Dullness prevails on cotton market KARACHI, May 28: Trading on the cotton market on Monday resumed on a listless note as sellers and buyers kept to the sidelines apparently awaiting the release of final crop figures by the Pakistan Cotton Ginners Association late this week....		Karachi Port operations KARACHI, May 28: Six ships to load and unload DAP fertilizer and rice are expected to arrive at the outer anchorage on Tuesday, according to KPT sources....

Port Qasim KARACHI, May 28: Two ships to load and offload containers and edible oil were accommodated berths at QICT and MPT during the last 24 hours, said a PQA press release on Monday....		South Korea accepts US demand SEOUL, May 28: South Korea has agreed to hold new talks on import of US beef following an international ruling that mad cow disease is under control in the United States, Finance Minister Kwon O-Kyu said on Monday....

EU presses China on market access HAMBURG, May 28: The European Union urged China on Monday to further open its markets to help redress a “huge” trade surplus with the bloc and called on it to ratify a key rights covenant....		Kenyan economy NAIROBI, May 28: The Kenyan economy grew by 6.1 per cent last year, marking steady growth since President Mwai Kibaki came to power in December 2002, officials said on Monday....

Tanjong to buy power plant in Pakistan KUALA LUMPUR, May 28: Malaysian power and gaming group, Tanjong Plc, agreed on Monday to buy control of another seven power plants in Egypt and Asia for $493 million....		‘No need for extra oil supplies’ RIYADH, May 28: The surge in oil prices is being driven by political factors and there is no need for additional crude supplies, Saudi Arabia’s assistant oil minister said on Monday....

Power failures KUWAIT CITY, May 28: Kuwait announced it plans to spend $27bn on power and water projects over the next eight years as the oil-rich emirate braced for power cuts this summer....		NIT units KARACHI, May 28: The National Investment Trust (NIT) has authorised Atlas Capital Markets to sell NIT Units through its designated branches in Pakistan.A press release issued by the NIT stated that an agreement in this regard was signed on Monday....

Asian stocks close higher HONG KONG, May 28: Asian stocks closed higher on Monday but gains were less than convincing as investors again consolidated amid fears mainland China markets may have gone too far and are due for a major correction....		European shares flat PARIS, May 28: European shares were flat on Monday in thin volumes and struggling for direction with many major European markets as well as Wall Street closed for public holidays....