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July 05, 2007 Thursday Jamadi-us-Sani 19, 1428 Rs53.986bn invested in one year T-bills: Yields unchanged KARACHI, July 4: While the State Bank is likely to announce new monetary policy this month, banks have shown confidence over the stability of interest rates as they have invested huge money in one year treasury bills.... FBR drive to focus on less tax paying sectors KARACHI, July 4: Secretary General Revenue Division and Chairman Federal Board of Revenue (FBR) Abdullah Yousuf said on Wednesday that revenue target of Rs1,025 billion would be met by filling tax...   NIT declares ‘highest’ Rs6.20/unit dividend KARACHI, July 4: National Investment Trust Limited (NIT) declared dividend at Rs6.20 per unit, which effectively means distribution of Rs10 billion to the unit holders.... Three car makers increase prices KARACHI, July 4: Except for a Korean auto-maker, three Japanese car assemblers have increased prices by one per cent from July one following imposition of one per cent special federal excise duty (FED) on imports by the government.... Electronic filing of returns mandatory: Corporate sector ISLAMABAD, July 4: The Federal Board of Revenue (FBR) has made electronic filing of returns and statement of withholding tax mandatory for taxpayers.... Creation of free trade area along LoC proposed ISLAMABAD, July 4: An Indian based working group has suggested creation of a free trade area across the Line of Control (LoC) after nearly 60 years of forced aloofness, officials told Dawn on Wednesday.... Re1 per kg increase in retail flour price KARACHI, July 4: The retail price of atta (no.2.5) has finally surged to Rs16 from Rs15 per kg following fresh increase in its wholesale rate to Rs1,190 per 80 kg bag on Wednesday from Rs1,150 on Monday.... Stocks recover overnight losses on active short-covering KARACHI, July 4: Stocks on Wednesday recovered from the overnight lows on active short-covering aided partly by higher dividend at the rate of Rs.6.20 per unit by the management of National... Pound stays firm LONDON, July 4: The pound held its ground above two dollars on Wednesday but eased back from a 26-year high posted earlier in the day with the United States Independence Day... Trade with India likely to cross $1.5bn mark ISLAMABAD, July 4: Indian High Commissioner to Pakistan Patyabrata Pal said on Wednesday bilateral trade with Pakistan was expected to cross the $1.5 billion mark during the fiscal year 2006-07.... Oil prices go up LONDON, July 4: World crude prices reached fresh 10-month high points on Wednesday as oil-rich Nigeria was hit by fresh unrest and the market prepared for further key US energy data, traders said.... Booming business activity in Eurozone BRUSSELS, July 4: Service sector activity in the 13 nations sharing the euro accelerated in June owning to booming business in France, Germany and Italy, according to a survey published on Wednesday.... Japanese firms cut investment in Thailand BANGKOK, July 4: Japanese firms in Thailand are beginning to reduce their investments in the kingdom due to the strong baht and negative perceptions about the investment climate, a survey said on Wednesday.... Karachi Port operations KARACHI, July 4: Four ships carrying DAP fertiliser, coal and containers are due to arrive at the outer anchorage on Thursday, according to KPT sources.... Port Qasim KARACHI, July 4: Normal shipping activity was witnessed at the port where two ships carrying containers and canola seeds were allotted berths at QICT and MPT, respectively, during the last 24 hours, says a PQA press release.... Prices hit new peak on cotton market KARACHI, July 4: Cotton prices on Wednesday swelled to new seasonal peak level as some of the new crop lots from the central Punjab cotton belt were traded as higher as Rs3,030 per maund.... China to expand QDII scheme BEIJING, July 4: China will expand the Qualified Domestic Institutional Investor (QDII) scheme soon to allow domestic investors greater access to buy foreign securities, the Xinhua news agency said on Wednesday.... ‘Europe has identified possible IMF chief’ BERLIN, July 4: Europe has a name in mind to head the International Monetary Fund when Spain’s Rodrigo Rato quits, German Finance Minister Peer Steinbrueck said on Wednesday.... UN business leaders’ summit opens today GENEVA, July 4: United Nations Secretary General Ban Ki-moon will open one of the world body''s biggest meetings with business leaders on Thursday to try to sharpen global standards for corporate behaviour.... Chrysler, Chery Motor sign auto tie-up BEIJING, July 4: US auto giant Chrysler on Wednesday finalised a landmark deal with Chery Motor, one of China’s biggest carmakers, that aims to see Chinese-made vehicles grab their first major chunk of world markets.... Australian trade deficit narrows SYDNEY, July 4: Australia''s trade deficit fell 12 per cent to $807 million in May after a sharp rise in exports, official figures showed on Wednesday.... Trade surplus down KUALA LUMPUR, July 4: Malaysia''s May trade surplus fell 1.25 per cent to 7.89 billion ringgit ($2.3 billion) but was up 35 per cent compared with the April outcome, official data showed on Wednesday.... China’s economic growth SHANGHAI, July 4: Growth in China''s roaring economy is expected to continue apace this year, rising 10.9 per cent, a government think-tank report said on Wednesday, urging further economic cooling measures.... Boosting air links with Malaysia ISLAMABAD, July 4: Pakistan and Malaysia on Wednesday agreed to increase air links from the existing three weekly frequencies to 14. This understanding was reached at the conclusion of the bilateral air service agreement talks.... Inter-OIC Trade KARACHI, July 4: The Islamic Chamber of Commerce and Industry (ICCI) is launching a Business Owners Association (BOA) in 14 Islamic countries, including Pakistan, to encourage inter-OIC trade.... Asian stocks close higher HONG KONG, July 4: Asian stocks closed mainly higher on Wednesday with investors tracking gains on Wall Street where the benchmark was supported by mergers and tie-ups.... Palm oil lower KUALA LUMPUR, July 4: Malaysian crude palm oil futures slipped 1.4 per cent on Wednesday as prices of rival soya bean oil declined and traders booked profits a day after the market surged on hopes of strong overseas buying.... European stocks up LONDON, July 4: Europen’s main stock markets rose on Wednesday on the back of takeover talk in the hotels sector, sparked by a huge private equity-backed deal for US group Hilton Hotels Corporation....

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