DAWN - Business; June 13, 2008

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June 13, 2008	Friday	Jamadi-us-Sani 08, 1429

Amendments in Sales Tax Act introduced ISLAMABAD, June 12: The government in a move to facilitate the business community has introduced amendments in the Sales Tax Act through the Finance Bill 2008 allowing carry forward amount for excess input tax....		Cotton hits new high of Rs4,100 KARACHI, June 12: Cotton prices on Thursday soared to a new record high of Rs4,100 per maund but the flare-up is not linked to any of the fiscal measures in the...

Nepra empowered to impose surcharge ISLAMABAD, June 12: The government has introduced an amendment in the Regulation of Generation, Transmission and Distribution of Electric Power Act, 1997, to empower the National Electric Power Regulatory Authority (Nepra) to impose surcharge on power projects....		FPCCI pleads for tax on all incomes KARACHI, June 12: President of the Federation of Pakistan Chambers of Commerce and Industry Tanveer Ahmed Sheikh wants all incomes -- from trade, business and agriculture -- to be taxed and...

�Apparel sector ignored in budget� KARACHI, June 12: Textile apparel exporters and manufacturers has termed the budget a hoax and said that the sector is being ignored as no major incentives have been suggested in the budget for the export sector....		PSM output to be raised to 3m tons by 2012 ISLAMABAD, June 12: An expansion plan was underway that would increase production capacity of Pakistan Steel Mills (PSM) to three million tons per year by 2012 from the existing one million tons per year....

Stocks fail to sustain early gains on profit-selling KARACHI, June 12: The post-budget session of the share market on Thursday opened on a higher note as investors welcomed the fiscal relief but the initial buying euphoria could not be...		Oil prices plunge by $4 per barrel LONDON, June 12: Oil prices fell sharply on Thursday as the dollar strengthened on another highly volatile day on world oil markets....

China�s money supply up by 18pc BEIJING, June 12: China�s broad measure of money supply rose 18.07 per cent on year in May, the central bank said on Thursday, as analysts warned the government must tighten cash flow to fight inflation....		Long march against LC margin proposed KARACHI, June 12: The Pakistan Leather Garment Manufacturers and Exporters Association (Plgmea) chairman Fawad Ijaz Khan has urged the business community to hold a long march on June 18 if the...

Hybrid Bt cotton project launched ISLAMABAD, June 12: After achieving phenomenal acclaim from the developing world in Basmati rice variety, a local business group has now launched a research project involving Pakistani and Chinese scientists to evolve a hybrid Bt cotton variety, claimed a company executive....		Oil and dollar may wipe euro import benefits FRANKFURT, June 12: If European Central Bank President Jean-Claude Trichet hopes to dull inflation pressures by talking up the euro, he may be in for a disappointment....

US retail sales surge by 1pc WASHINGTON, June 12: US retail sales surged a stronger-than-expected 1.0 per cent in May as Americans splurged out on gasoline, consumer goods and restaurant meals, a government report showed on Thursday....		Budget flayed for ignoring SMEs KARACHI, June 12: Leaders of small and medium enterprises have criticised the budget 2008-09 for totally ignoring the SMEs, which constitute more than 98 per cent of the total business and industrial units in the country....

Karachi Port operations KARACHI, June 12: Four ships carrying containers are due to arrive at the outer anchorage on Friday, according to KPT sources. Berthing activity at the wharves was modest where four ships,...		Port Qasim KARACHI, June 12: Five ships carrying containers, magnesium, crude oil and phosphoric acid were accommodated berths during the last 24 hours, said a PQA press release on Thursday....

Asian stocks tumble on inflation fears HONG KONG, June 12: Asian stocks fell heavily on Thursday, following an overnight tumble on Wall Street driven by another spike in oil prices and new inflation worries....		Palm oil higher SINGAPORE, June 12: Malaysian crude palm oil futures ended 0.5 per cent higher on Thursday, after rising as much as 2.4 per cent in early trade, as traders took profits and shifted their focus back to bearish market fundamentals....

Gold slips 1.5pc on firm dollar LONDON, June 12: Gold slipped on Thursday, shedding more than 1.5 per cent at its session low, as the dollar rebounded against the euro after Wednesday''s losses, and oil prices eased....		Karachi market rates KARACHI, June 12: The following were Thursday commodity market rates in rupees....

Reserves fall ISLAMABAD, June 12: The foreign exchange reserves held by the country fell by $224 million to $10.954 billion in the week ended on June 7, said the State Bank of Pakistan on Thursday....		Opec rules out output hike ALGIERS, June 12: Opec�s president Chakib Khelil, the energy minister of Algeria, on Thursday ruled out an increase in production by the oil exporting group despite record crude prices....

New SLIC chief KARACHI, June 12: Mr Shahid Aziz Siddiqui, a retired bureaucrat, took charge as chairman of State Life Insurance Corporation on Thursday, a SLIC press release said....		Treasury bills ISLAMABAD, June 12: The State Bank of Pakistan sold Rs30 billion of Treasury bills on Thursday under a seven-day repo contract at 10 per cent to mop up liquidity.�Reuters...

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