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June 29, 2007 Friday Jamadi-us-Sani 13, 1428 Sugar mills to produce cheap electricity ISLAMABAD, June 28: The government on Thursday told the sugar industry that power co-generation by sugar mills will be encouraged provided the tariff was cheaper and electricity was available faster than thermal plants.... CSIBL’s merger with UK group approved LAHORE, June 28: The Securities and Exchange Commission of Pakistan (SECP) on Thursday approved the merger of the Crescent Standard Investment Bank Limited (CSIBL) with the Innovative Housing Finance Limited, a...   ECC okays Rs20bn package for textile ISLAMABAD, June 28: The government on Thursday approved another hefty support package of Rs20 billion for the textile industry to help the industry accelerate export of billion of dollars in the year 2007-08, says Textile Minister Mushtaq Ali Cheema.... SingTel to buy 30pc stake in Warid LAHORE, June 28: The Singapore Telecommunications (SingTel) and the Warid Telecom announced on Thursday that they have entered into a definitive agreement subsequent to which SingTel will acquire a 30 per... KSE market capitalisation at record Rs4tr KARACHI, June 28: The KSE 100-share index on Thursday broke through the barrier of 13,700 points and settled well above it as the strength of leading base shares aided by foreign... Bike makers complain of higher valuation KARACHI, June 28: The Chinese bike makers said on Thursday that they were ready to reduce prices of their two-wheelers but the unjustified higher valuation of kits and parts by the Customs Valuation department prevented them to do so.... Cut in GST on import of 15 items ISLAMABAD, June 28: The government has reduced the rate of sales tax from 20 to 15 per cent on import of around 15 items relating to steel sector, paper industry and chemicals.... PSO buys fuel oil at lower premiums SINGAPORE, June 28: Pakistan State Oil bought smaller volumes of up to 750,000 tons of July-September fuel oil at lower premiums, as demand was curbed by ample hydropower even as the... Currency market calm LONDON, June 28: The dollar and euro were little changed on Thursday in late European trading ahead of a decision on US interest rates by the Federal Reserve, dealers said.... 25pc FED adjustment ISLAMABAD, June 28: The Central Board of Revenue (CBR) has allowed the waiver of penalty and adjustment of excise duty on the beverage industry, according to two new notifications of federal excise duty (FED) issued here on Wednesday.... Oil price jumps LONDON, June 28: The New York oil price surged above $70 per barrel for the first time in ten months on Thursday, amid tight supplies in the US, the world''s biggest consumer of energy.... PACRA maintains Bank of Punjab ratings KARACHI, June 28: The Pakistan Credit Rating Agency (PACRA) has maintained the long-term and short-term ratings of the Bank of Punjab (BoP) at “AA” (Double A) and “A1+” (A One Plus), respectively.... Tax collection timings ISLAMABAD, June 28: The Central Board of Revenue has extended the timings for collection of revenue by the banks for the convenience of tax-payers.... German inflation WIESBADEN, June 28: German inflation slowed fractionally to 1.8pc in June from 1.9 per cent the previous month due to falling prices for seasonal foodstuffs, preliminary consumer price data showed on Thursday.... Reserves KARACHI, June 28: The liquid foreign reserves of the country have registered an increase of $176.3 million at $15,182.2 million, State Bank of Pakistan announced here on Thursday.... Lint prices rise on supply problems KARACHI, June 28: Cotton prices on Thursday were quoted higher by Rs25 per maund owing to interruption in supplies from the upcountry trading centres because of the current rain spell.... Exports hit as shipping lines drop Colombo COLOMBO, June 28: Sri Lankan exporters are being squeezed as fewer container ships heading west call into Colombo, with global shipping lines moving more business to India and its booming economy.Shipping... Low refining capacity leads to Iran unrest LONDON, June 28: Despite being the world’s fourth-biggest producer of crude oil, Iran’s lack of refineries means insufficient petrol is made in the country - a situation that led to unrest this week.... Rato to leave IMF in October WASHINGTON, June 28: The head of the International Monetary Fund, Rodrigo Rato, announced on Thursday he would leave his job in October ahead of schedule for personal reasons.... Air travel boom in India, China BANGKOK, June 28: Aviation industry figures and politicians on Thursday hailed a boom in air traffic in India and China, with operators keen to cash in on growing numbers of passengers travelling to the regional giants.... Karachi Port operations KARACHI, June 28: Six ships carrying coal, containers and to load naphtha and cement are due to arrive at the outer anchorage on Friday, according to KPT sources.... Malaysian palm oil prices up KUALA LUMPUR, June 28: Malaysian crude palm oil futures rose 2.1 per cent on Thursday, reversing more than a week of losses as Indonesia''s decision to maintain an export tax on... Asian stocks close higher HONG KONG, June 28: Asian stocks followed Wall Street''s lead and closed mostly higher Thursday on bargain hunting with investors maintaining a cautious stance amid a meeting of the US federal reserve.... European stocks rally LONDON, June 28: Europe''s main stock markets rebounded on Thursday, mirroring a rally on Wall Street overnight. London''s FTSE 100 index of leading shares rose 0.63... Karachi market rates KARACHI, June 28: The following were Thursday’s commodity market rates in rupees.... Company news MOSCOW: Russia’s leading oil producer Lukoil on Thursday reported a 23.09 per cent in net profits in the first quarter to $1.299 billion compared with the same period last year....

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