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June 14, 2007 Thursday Jamadi-ul-Awwal 28, 1428 World’s 2nd largest bank seeks entry into Pakistan KARACHI, June 13: The world''s second-largest bank--The Industrial and Commercial Bank of China (ICBC) -- has entered into an agreement with the National Bank of Pakistan (NBP) for co-operation in establishing its presence in Pakistan, S.... Govt reduces PTR role despite resistance KARACHI, June 13: The government wants to do away with Presumptive Tax Regime (PTR) and exemptions to remove distortions from the taxation system, but there is some resistance from trade and industry....   Budget documents hide provinces’ shares detail: Federal divisible pool KARACHI, June 13: The federal budget documents for the year 2007-08 conceal a detailed, analytical and tax-wise breakdown of the provinces share in the federal divisible pool and also of the... Spinners to bear Rs5.37 billion extra burden LAHORE, June 13: The levy of one per cent special surcharge on all imports, including raw material, machinery and spares of textile industry; and 15 per cent increase in minimum wages will put a total of Rs5.370... Stocks add another 151 points on foreign buying KARACHI, June 13: The KSE 100-share index on Wednesday missed by only nine points its next target of 13,500, but analysts predict its post-budget performance reflects it may be eyeing new all-time peak level on the strength of strong foreign buying.... Massive fall in consumer loans in three years KARACHI, June 13: Despite high potential and top priority of both the government and the State Bank, consumer loans have drastically dropped from 70 per cent growth in 2005 to 11.9... WPI up by 6.91pc in 11 months ISLAMABAD, June 13: The wholesale price index of commodities has increased by 6.91 per cent in the first 11 months (July-May) of the current fiscal year over the same period of last year.... 11.3pc rise in food inflation ISLAMABAD, June 13: Food inflation witnessed record 11.31 per cent increase in May 2007 over the same month of last year owing to steady increase in prices of kitchen items, fruits and vegetables.... 19 seafood containers held up at Indian port KARACHI, June 13: Seafood shipments worth Rs400 million made to India for re-export to Europe have stuck up at two Indian ports and the Indian traders have threatened to cancel the deal and return the consignments to Pakistan.... Oil prices rally LONDON, June 13: World oil prices climbed on Wednesday after a key US government report showed that American stockpiles of gasoline or petrol were unchanged last week.... Dollar gains against yen LONDON, June 13: The dollar hit its highest level against the yen for four and a half years on Wednesday amid growing speculation that US interest rates would push higher, dealers said.In... Improved financial management urged for credibility ISLAMABAD, June 13: The World Bank has urged Pakistan to improve public financial management, accountability, transparency, and enhance the capacity of public sector managers to meaningfully use credible financial information for better and informed decision-making.... Steady trend on cotton market KARACHI, June 13: Cotton market on Wednesday showed steady trend as some of the deals in new crop were finalised at the higher rates depending on the delivery period, brokers said.... Hurdles in achieving industrial growth identified ISLAMABAD, June 13: The government has predicted multiple challenges in achieving the 2007-08 growth target of 10.9 per cent in manufacturing sector including the sector’s complete dependency on traditional low value... Farm sector given little relief, say experts KARACHI, June 13: The government in its last budget has given very little attention to the agriculture sector, which contributes 22 per cent to the GDP and offers employment to 45 per cent of the population.... Karachi Port operations KARACHI, June 13: Three ships carrying containers and general cargo are due to arrive at the outer anchorage on Thursday, according to KPT sources.... Port Qasim KARACHI, June 13: Four ships carrying containers, chemicals and iron ore were accommodated berths during the last 24 hours, said a PQA press release on Wednesday.... Budget hailed KARACHI, June 13: The federal budget 2007-08 is a positive step towards a more equitable Pakistan, considering the increase in salaries of low-paid employees, enhancement of basic pay scales, increase of... Power crisis KARACHI, June 13: The 22nd Multi-Topic International Symposium 2007 will commence from June 15 at ahotel here. The two-day moot is being held under the auspices of the Institution of Electrical and Electronics Engineers Pakistan (IEEEP), Karachi Centre.... Budget anomaly KARACHI, June 13: The Karachi Chamber of Commerce and Industry on Wednesday formed Budget Anomaly Committee and invited all businessmen and industrialists to immediately send their proposals, says a press release.... Asian stocks lower HONG KONG, June 13: Asian stocks closed lower on Wednesday after another sharp sell-off on Wall Street was sparked by rising bond yields and heightening fears of interest rate hikes.... Palm oil prices down KUALA LUMPUR, June 13: Malaysian crude palm oil futures ended 3.4 per cent lower on Wednesday, pulled down by the exchange regulator''s new measures to curb speculative trading.... European stocks fall LONDON, June 13: Europe''s main stock markets dropped on Wednesday, mirroring losses in Asia, after a weak performance by Wall Street overnight, dealers said.... Conversion rates KARACHI: The following are June 14 State Bank conversion rates for foreign currency deposits, dollar bearer certificates, foreign currency bearer certificates, and special US dollar bonds....

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