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June 12, 2007 Tuesday Jamadi-ul-Awwal 26, 1428 Import surcharge to reduce trade gap ISLAMABAD, June 11: Central Board of Revenue (CBR) Chairman Abdullah Yousuf on Monday conceded that the tax machinery was encountering enforcement problems in sales tax and customs duty but hoped that... SME sector ignored in budget KARACHI, June 11: The federal budget 2007-08 has ignored small and medium enterprises (SMEs), thereby giving an impression that the government has shifted its priority and is no more interested in their development....   No relief in flour prices surprises consumers: Cut in pulses rates exaggerated KARACHI, June 11: Despite having reaped an all-time record wheat crop of 23.5 million tons this year, the government has not offered any relief on wheat flour in the new budget... Millers oppose govt decision to subsidise sugar LAHORE, June 11: The government’s decision to sell sugar for Rs25 a kg at the utility stores wrecked the market sentiments and slowed down sales when the market reopened on Monday... Stocks offer cautious reaction to new budget KARACHI, June 11: The initial investor reaction to the new budget was fairly encouraging as major beneficiaries of tax exemptions, incentives and duty adjustments performed credibly well under the lead of cement, auto and fertiliser sectors.... ‘Cement City’ at Hub planned QUETTA, June 11: Hub would soon have a "Cement City", for which the provincial government would provide 2000 acres of land and all required facilities to industrialists.... Pre-bid meeting for PSO on 20th ISLAMABAD, June 11: A meeting of the Board of Privatisation Commission held here Monday under the chairmanship of Zahid Hamid, Federal Minister for Privatisation and Investment, finalised recommendations for the Cabinet... Seafood sector seeks incentives KARACHI, June 11: Chairman, Pakistan Seafood Industries Association (PSIA), Mohammad Hanif Khan, has said that the government has ignored the budgetary proposals submitted by the association for survival of fisheries sector.... KSE satisfied with budget KARACHI, June 11: The Karachi Stock Exchange (KSE) appreciated various measures announced in the Federal Budget 2007-2008, especially in the context of capital market development in the country.... Trade deficit widens ISLAMABAD, June 11: Pakistan''s trade deficit widened to a provisional $1.14 billion in May from $1.07 billion in April, but was down 1.74 per cent as compared with May 2006, official data showed on Monday.... Euro falls slightly LONDON, June 11: The euro fell slightly against the dollar on Monday as traders weighed up the latest comments from ECB president Jean-Claude Trichet about eurozone interest rates.... Oil prices rise LONDON, June 11: World oil prices rose on Monday, clawing back ground following heavy pre-weekend losses that mirrored a downturn in global equities last week. Brent North Sea crude for July delivery firmed 55 cents to $69.15... CBR may be empowered to write off bad tax arrears ISLAMABAD, June 11: The government through an amendment in section 48 of the Finance Bill 2008 has proposed to empower Central Board of Revenue (CBR) to write off tax arrears of... Reduced crude shipments for Asia RIYADH, June 11: Saudi Arabia has notified major Asian customers that July crude shipments would be kept at June levels, some 10 per cent below the contracted supplies.... Mobile banking service for rural areas ISLAMABAD, June 11: Pak Oman Micro-finance Bank has launched its mobile banking operations from Tando Allahyar in rural Sindh in collaboration with the National Database Regulatory Authority (Nadra).... Cotton market lacks lustre KARACHI, June 11: The post-budget session on the cotton market on Monday was eventless as both ginners and spinners were still in the process of having an overview of the duty concessions and tax adjustments.... UAE to invest in oil, gas and construction ISLAMABAD, June 11: The United Arab Emirates will invest in oil and gas, construction, tourism and several other sectors in Pakistan, UAE Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan said on Monday.... Karachi Port operations KARACHI, June 11: Five ships carrying containers, rock phosphate and to load cement are due to arrive at the outer on Tuesday, according to KPT sources.... Capping of used cars import criticised KARACHI, June 11: All Pakistan Motor Dealers Association chairman H.M. Shahzad has criticised the government for capping of import of used cars to three years from five years.... Pipeline project KARACHI, June 11: Sui Southern Gas Company (SSGC) has completed its 24 inches diameter pipeline project running 200-km from Bajara to Karachi. The additional gas will be mostly supplied to industrial and energy sector.... Asian stocks close higher HONG KONG, June 11: Asian stocks closed mostly higher on Monday with investors gaining some confidence after a rebound in the United States equity market at the end of last week.... Palm oil prices lower KUALA LUMPUR, June 11: Malaysian crude palm oil futures plunged more than 6 per cent on Monday, hit by a sharp decline in exports that triggered a sell-off for the second straight day.... European stock markets rebound LONDON, June 11:European stock markets rebounded Monday on takeover speculation after sharp losses the previous week that were sparked by concerns over higher global interest rates, dealers said.... Gold up LONDON, June 11: Gold rose in Europe on Monday as physical buying lifted prices off last week''s three-month low, but the market remained vulnerable to further selling, traders said....

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