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March 11, 2008 Tuesday Rabi-ul-Awwal 2, 1429 Withholding tax on PIBs cut to 10pc KARACHI, March 10: The government on Monday cut the withholding tax on profit of Pakistan Investment Bonds (PIBs) from 30 per cent to 10 per cent for foreign investors.... Oil hits record $107.85 LONDON, March 10: Oil prices hit a record high $107.85 on Monday as the White House announced that US Vice President Dick Cheney will head to Opec kingpin Saudi Arabia next week to seek increased production....   SBP issues guidelines for poultry financing KARACHI, March 10: The State Bank of Pakistan on Monday issued ‘guidelines for poultry financing’ to facilitate and encourage banks to enhance flow of credit to poultry sector.... Engro, Algerian firm set to join hands Karachi, March 10: Engro Pakistan Limited confirmed on Monday that it was interested in forming a joint venture with Ferphos, a National Iron Ore & Mining Company of Algeria, setting at... Textile tycoons shifting capital to Dubai KARACHI, March 10: Huge outflow of capital from the country has found its way into real estate business in Dubai, where many Pakistani developers have entered into joint ventures with their local counterparts to reap windfall profits, business sources said.... Body to resolve Gwadar Port road, rail link issues ISLAMABAD, March 10: The Senate Standing Committee on Ports and Shipping has constituted a three-member committee to get resolved the security and land-acquisition problems in the way of constructing road and rail links to Gwadar Port.... Immediate plans to end energy crisis urged LAHORE, March 10: The government needs to tap alternative energy resources and devise an immediate plan to keep the industrial wheel running.... 24-hour cess collection at ports, airport likely KARACHI, March 10: The Ministry of Excise and Taxation plans to make an arrangement for collection of infrastructure cess round-the-clock at the ports and airport in Karachi.... Dawn Fuelling Pakistan 2008 LAHORE, March 10: Organised by the Dawn Media Group, Fuelling Pakistan 2008 is Pakistan’s Largest International exhibition on “CNG, LPG and Alternative Sources of Energy” and is being held consecutively for the second year.... SBP sells Rs2.1bn T-bills KARACHI, March 10: The State Bank of Pakistan on Monday accepted bids for Rs2.1 billion in its open market operation of Market Treasury Bills, while the bids offered amounted to Rs9 billion. ... KSE 100-share index suffers 172.40 points fall KARACHI, March 10: The share market on Monday resumed trading on a higher note boosted by the perception of political stability in the backdrop of an agreement between the Pakistan People’s... European stocks fall LONDON, March 10: European stock markets closed lower on Monday as a steadier start after recent heavy losses came undone when a fresh spike in oil prices added to growing concerns the US economy risk going into recession.... Cotton outlook NEW YORK, March 10: The US Department of Agriculture will make few notable adjustments to its US cotton demand or production estimates with the likely exception being a cut in its outlook for US exports, analysts said on Monday.... Conversion rates KARACHI: The following are March 11 State Bank conversion rates for foreign currency deposits, dollar bearer certificates, foreign currency bearer certificates, and special US dollar bonds.... China expanding steel capacity BEIJING, March 10: China’s bigger steel makers are showing no let-up in their pursuit of expanding capacity over the next decade, trusting they’ll weather soaring raw material costs better than smaller rivals.... Plan to include stationery items in FTAs KARACHI, March 10: The WTO cell of the Trade Development Authority of Pakistan (TDAP) has been given a task to work with the stationery industry and develop a proposal for the... Listless trading on cotton market KARACHI, March 10: Trading on the cotton market on Monday failed to pick up as price ideas of ginners and spinners remained poles apart for the second session in a row.... Karachi Port operations KARACHI, March 10: Five ships carrying DAP fertiliser and containers are due to arrive at the outer anchorage on Tuesday, according to KPT sources.... Port Qasim KARACHI, March 10: Five ships carrying containers, cement, sulphur and iron ore were berthed during the last 24 hours, said a PQA press release on Monday.... Tide in British outsourcing turns back onshore LONDON, March 10: British managers who offshored call centre work and IT services to cheaper locations like India earlier in the decade are now bringing the jobs back to the UK, a trend that could reshape the outsourcing industry.... Bulgaria ready to buy gas from Azerbaijan BAKU, March 10: Bulgaria is ready to buy one billion cubic metres of gas annually from energy-rich Azerbaijan, Bulgarian President Georgi Parvanov said on Monday during a visit to the ex-Soviet republic’s capital Baku.... Elected KARACHI, March 10: Abdul Qadir Memon and Syed Wasim Hashmi have been elected unopposed as president and vice-president, respectively, of the Income Tax Bar Association Karachi (ITBAK) for 2008.... Partnership LONDON, March 10: The London Stock Exchange is in talks with the Qatari Investment Authority about a potential partnership with the Doha stock market, an LSE spokesman confirmed on Monday.... Asian stocks tumble on US recession prospects HONG KONG, March 10: Asian stocks tumbled on Monday with Tokyo hitting a 30-month low as recession alarm bells rang louder in the United States following a shock drop in employment, dealers said.... Gold eases in London LONDON, March 10: Gold eased on Monday after rising nearly 1 per cent in Asia as the dollar pared losses, and analysts said the metal was likely to trade in a range ahead of a US Federal Reserve meeting next week.... Palm oil prices lower SINGAPORE, March 10: Malaysian crude palm oil futures closed 1.2 per cent lower on Monday, largely erasing losses of 5 per cent after data showing strong exports and lower output prompted traders to step up buying....

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