The Karachi share market witnessed yet another dull session on Wednesday and KSE-100 index remained unchanged at 9,184.09 points due to investors' lack of confidence over the price floor mechanism. Some trading in second-tier companies, however, supported the all share index to close in positive at 6,639.51 points level, up by 0.33 points.

The Pakistan State Oil (PSO) has requested the government to allow import of 25,000 tons premier motor gasoline (PMG) during November-December 2008. Sources said that the request was made in a letter written to the Ministry of Finance after the (OCAC) recently conducted analysis of high speed diesel (HSD) and premier motor gasoline (PMG) availability and stocks positions in the country.

Pakistan has provided information to Iran regarding specifications of furnace oil, consumption, and jetty conditions for the provision of furnace oil on deferred payment for a three-month period. Iran has formally agreed to provide furnace oil on deferred payment for a three-month period to ensure uninterrupted fuel supply for power generation and mitigate the energy shortfall in the country.

The auto assemblers witnessed a massive decline in the profitability in the quarter ended on September 30, 2008 as the four companies posted a loss of Rs 342 million against net profit of Rs 1,440 million earned in the corresponding period of last year.

The international donors pledged an initial financial assistance, amounting to 328 million dollars for construction of 969 MW Neelum-Jehlum hydroelectric project. This announcement was made in a meeting attended by the delegates of Islamic Development Bank (IDB), Saudi Fund for Development, Kuwait Fund for Development and Abu Dhabi Fund for Development.

The Competition Commission of Pakistan (CCP) has decided to examine issue of exorbitant Hajj fare being charged by two international airlines. Sources told Business Recorder that the issue of expensive international air travel tickets being offered to the Hajjis was discussed during the third meeting of the Competition Consultative Group of the CCP held here on Wednesday.

Contributions to the new Fund would come from the financial institutions backed by the guarantee of the federal government, thus any risk and reward would in turn belong to the government of Pakistan," NIT spokesman said in a statement issued here on Wednesday.

China to build a power generating unit at Tunsa Barrage to help meet growing energy demand of the Punjab province. A Memorandum of Understanding in this regard was signed between Dongfang Electric Corporation (DEC) of Sichuan and Punjab government in the presence of Punjab Chief Minister Mian Muhammad Shahbaz Sharif here on Tuesday.

Federal Investigation Agency (FIA) on Wednesday arrested at least three persons for printing and selling out fake share certificates worth millions of rupees in the stock market. According to sources the FIA recovered fake share certificates (both filled and blank) worth over Rs 37 million from the custody of Niaz Ahmed Rind, Shehzad and Rehan from Pakistan Chawk in a raid led by Inspector Gulsher Mugheri.

The Federal Cabinet has approved economic stabilisation plan and directed the Ministry of Finance to finalise negotiations with International Monetary Fund (IMF) for reaching a formal agreement.

Pakistan has presented about 71 projects worth nearly $60 billion to the Friends of Democratic Pakistan Group in Abu Dhabi seeking partnership to support its ventures in infrastructure, agriculture and education development alongwith medium/small dams construction.

Despite assurance given by the government, Sui Northern Gas Pipelines Limited (SNGPL), in a sudden move, has disconnected the gas supply of more than 130 textile mills located in the provincial metropolis, Sheikupura, War-Burton, Faisalabad and Northern areas without any prior notice and without taking the stakeholders into confidence.

The National Assembly on Wednesday passed the Industrial Relations Bill-2008 amid walkout of the Pakistan Muslim League-N parliamentarians, protesting against the Bill. Under the new legislation, it will consolidate and rationalise the law related to formation of trade unions and improvement of relations between the employers and workers.

South Korea is extending $161 million loan to Pakistan for energy, health and infrastructure, of which $1,573,800 will be paid to a Korean consultant, official sources told Business Recorder. The agreement signing ceremony will be held on Thursday (November 20) in the Economic Affairs Division (EAD).

GDP growth of 4.4 percent in the current fiscal year, 5 percent in 2009-10 and 5.5 percent in 2010-11 was forecast by Prime Minister's Advisor on Finance Shaukat Tarin while addressing development partners during a consultative workshop to review the drafts of Poverty Reduction Strategy Paper-II and Medium Term Policy Framework (MTPF) 2008-09 to 2010-11.

The Federal government, in its Medium-Term Policy Framework, has indicated that it will strengthen both domestic and foreign debt management for which the Finance Ministry has earmarked several indicators. The only indicator for strengthening domestic debt management is given as zero borrowing from the State Bank of Pakistan (SBP) at the end of each quarter of the current fiscal year.

Over 500 cotton ginning factories across the country have stopped operation due to non-availability of funds for phutti procurement and constant operational losses due to low prices of cotton. The Pakistan Cotton Ginners Association has called an urgent meeting on this issue on Thursday at PCGA Multan office to evolve a line of action in this respect.