August 28, 2005	Sunday	Rajab 22, 1426

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Business in Clifton shrinks by 50-80pc: Underpass construction KARACHI, Aug 27: The Clifton Underpass may prove to be beneficial in the long run for the city, but the project is proving to be a nightmare for traders and shop owners of the area....		ICAP initiates reviewing of financial reports KARACHI, Aug 27: Effective from July this year the Institute of Chartered Accountants of Pakistan (ICAP) has introduced ‘Financial Statements Review’ which entails evaluation of audited financial statements of companies, said...
Machinery imports up 56.59pc in July ISLAMABAD, Aug 27: The surge in imports of machinery, metal group and petroleum products widened the trade deficit by 164.52 per cent to $724.585 million during the first month of the current fiscal year, as against $273.921...		Primary dealer system rules revised KARACHI, Aug 27: The State Bank of Pakistan on Saturday revised the rules governing the primary dealers system in order to bring about more flexibility, higher competitiveness and transparency into the auctioning of the government securities....
India to inject Rs350 billion in new refineries NEW DELHI, Aug 27: India plans to invest a hefty amount of Rs350 billion for setting up new refineries to become an oil product export hub besides eyeing at opportunities to build refineries in Africa and Latin America....		85pc deletion level for bikes under way ISLAMABAD, Aug 27: Indigenization Committee of Engineering Development Board has decided to fix uniform level of 85 per cent deletion in motorcycle sector in order to move to Tariff Base System (TBS), says a press release issued here on Saturday....
CFS rates rise on active demand KARACHI, Aug 27: The weighted average rate on the Karachi Stock Exchange under the newly introduced financing mode of Continuous Funding System (CFS) showed a fresh increase of 240 basis points at 18.2...		SBP defines desktop, full-scope evaluation KARACHI, Aug 27: The State Bank of Pakistan on Saturday explained that the desktop evaluation will only be for the use of credit management purpose of the respective banks, thus the...
SBP to sell Rs96bn treasury bills KARACHI, Aug 27: The State Bank of Pakistan said on Saturday it would auction Rs96 billion worth of three-, six- and 12-month Treasury bills next week....		Prices register nominal increase ISLAMABAD, Aug 27: The Sensitive Price Indicator (SPI) for the week ended on August 24, for the lowest income group up to Rs 3000 and combined has registered nominal increase over previous week....
Vietnam to open trade office in Pakistan LAHORE, Aug 27: Vietnam will open its Trade Office in Karachi next month and its Embassy in Islamabad shortly. This was stated by Nguyen Anh Tuan, leader of six-member delegation of...		Chinese firm wins joint oil contract to search for oil, gas BEIJING, Aug 27: A Chinese firm has won a joint contract from the state oil companies of China, the Philippines and Vietnam to search for oil and gas in a disputed area of the South China Sea, state media said Saturday....
EU-China textile talks to go into fourth day BEIJING, Aug 27: Europe and China will continue trade talks on Sunday after negotiators failed late Saturday to solve a dispute that has left millions of items of Chinese-made clothes blocked at European ports....		Chidambaram to push for banks’ consolidation MUMBAI, Aug 27: India’s Finance Minister Palaniappan Chidambaram said on Saturday state-run banks needed to consolidate amongst themselves and with private-sector banks to survive increasing competition....
Bourses say new EU rules threaten smaller peers BRUSSELS, Aug 27: New European Union rules to spur competition in trading shares across the 25 nation bloc threaten smaller stock exchanges as banks eye their business, the Federation of European Securities Exchanges said....		Oil prices hit all time high $68 on hurricane fears LONDON, Aug 27: Oil prices hit a $68 high point this week on the back of hurricane weather, threatening crucial Gulf of Mexico oil rigs, and amid lower-than-expected US gasoline stocks....
PS to be given to credible bidder KARACHI, Aug 27: Pakistan Steel (PS) would be handed over to only a credible strategic bidder who must revamp and expand the mill to its designed capacity of 3 million tons per year....		Cotton prices fall amid low demand KARACHI, Aug 27: Cotton market on Saturday remained under pressure as ginners were indulged in hasty selling amid steady arrivals of phutti and a considerable decline in mill demand....
Dutch govt to sell stakes in power grids AMSTERDAM, Aug 27: The Dutch cabinet is ready to allow the sale of minority stakes in power grids after utilities are forced to spin them off, the government said on Saturday....		HK mulls tax cuts, but GST on agenda HONG KONG, Aug 27: Hong Kong could cut direct tax next year if the economy remains robust but also plans to move ahead with consultations on a goods and services tax...