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June 09, 2006 Friday Jumadi-ul-Awwal 12, 1427 Cotton target set at 13.8m bales ISLAMABAD, June 8: The ministry of food, agriculture and livestock (Minfal) on Thursday set this year’s cotton production target at 13.8 million bales, 1.4 million bales more as compared to 12.4... Sindh budget to see Rs32bn ADP KARACHI, June 8: For the first time in the last four years, the Sindh budget for 2006-07 will carry an “all-funded development outlay of Rs32 billion”.... Monetary indicators within targets KARACHI, June 8: At the end of the first 11 months of the financial year 2005-06, all monetary indicators are within the target, including the monetary growth which reflects the level of inflation.... Increase in CVT, WT to affect trading: KSE KARACHI, June 8: The Karachi Stock Exchange expressed concern over the announcement of 100 per cent increase in CVT and withholding tax on stock market transactions with a collection target of Rs2.9... Stock market crashes with index falling 427 points KARACHI, June 8: The KSE 100-share index on Thursday crashed below the psychological barrier of 10,000 points for the second time during the last couple of weeks on panic-selling and analysts fear that this time the rout could be terribly alarming.... Lint prices rise on active demand KARACHI, June 8: Cotton prices on Thursday rose further as spinners tried to grab the floating stock on lint at the current levels but ginners were not in an obliging mood.... Flat rate to hit small houses: Rental income ISLAMABAD, June 8: The introduction of flat rate of 5 per cent withholding tax across-the-board on residential rental earnings will decrease the income tax liability of bigger houses, while it will negatively affect the owners of small rental houses.... 1,135 firms registered in May ISLAMABAD, June 8: The Securities and Exchange Commission of Pakistan (SECP) registered 1,135 companies last month, which is the highest number of new companies registered with the commission during a single month.... Utility bills may carry more charges KARACHI, June 8: The customers should now be ready to receive another charge on their utility bills as the utility companies would pay additional amount to banks for collection of bills.... Global markets plummet LONDON, June 8: Equity markets in Europe, Asia and the US were hit by a fresh bout of aggressive selling on Thursday linked to concerns that rising interest rates worldwide will undermine economic growth, analysts said.... Oil prices slide below $70 LONDON, June 8: World oil prices fell under $70 per barrel on Thursday following news of the death of Al-Qaeda’s chief in Iraq, analysts said.... NY cotton surges NEW YORK, June 8: Cotton futures settled higher on Thursday on a steady barrage of speculative buying as the trade anticipated a government crop report Friday that could confirm the bullish outlook for the market, brokers said.... Higher local price may hit wheat export to India NEW DELHI/KARACHI, June 8: High wheat prices in Pakistan will be a stumbling block in the country’s efforts to sell its surplus grain to India, and deals will materialise only if Islamabad takes steps to price export offers competitively.... JS Air first flight takes off on 17th KARACHI, June 8: JS Air and Airblue’s collaborated first flight would take off on June 17. Destination: Gwadar. At a press briefing held jointly by JS Air and Airblue on Thursday,... EU trade chief tells China ‘more is needed’ BEIJING, June 8: European Union trade chief Peter Mandelson urged China on Thursday to assume a greater leadership role in the global economy, saying much more was needed to open up the Asian giant’s markets.... Bangladesh unveils Tk697.40bn budget DHAKA, June 8: Bangladesh’s Finance and Planning Minister M. Saifur Rahman on Thursday proposed a Tk697.400 billion national budget in net terms for the 2006-2007 financial year.... Brazilian airline’s auction RIO DE JANEIRO, June 8: Brazil’s bankrupt flagship carrier Varig failed to sell at auction on Thursday, attracting a single offer that was half the lowest asking price.... Palm oil higher KUALA LUMPUR, June 8: Malaysian crude palm oil futures ended up on Thursday, as players scrambled to cover short positions, prompted by the weakening of the ringgit and ahead of the release of export estimates, dealers said.... London gold prices lower LONDON, June 8: Gold prices fell for the fourth day in a row on Thursday, touching a seven-week low as the dollar rose on stronger-than-anticipated US jobs data and expectations of a US interest rate rise.... BoE holds interest rate at 4.50pc LONDON, June 8: The Bank of England on Thursday froze its key interest rate at 4.50 per cent for the tenth month in a row, maintaining a wait-and-see policy over the economy.... Port Qasim KARACHI, June 8: Three ships to load and offload containers and chemicals were accommodated berths during the last 24 hours, said a PQA press release on Thursday.... Karachi Port operations KARACHI, June 8: Six ships carrying chemicals, containers and to load ethanol are due to arrive at the outer anchorage on Friday, according to KPT sources....

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