October 8, 2005	Saturday	Ramzan 3, 1426

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Banks raise Rs35.5bn through discounting KARACHI, Oct 7: Severe liquidity crunch on Friday compelled banks to go for heavy discounting from the State Bank to meet their liquidity requirement on the last day of cash reserves settlement with the central bank....		Draft report on WTO challenges approved ISLAMABAD, Oct 7: The Senate’s Special Committee (SSC) on WTO has approved a draft report on “Challenges of WTO and strategy” and decided to place it before the upper house on Saturday....
Collection of duties on vehicles, parts up 432pc ISLAMABAD, Oct 7: The collection of customs duties on import of vehicles and parts registered a growth of 432 per cent to Rs23.419 billion during the year 2004-05, as against Rs4.414...		CROs draw strategy to increase enrolment ISLAMABAD, Oct 7: A conference of the registrars of all the Company Registration Offices (CROs) has reviewed the progress of the reforms in the corporate registration and drawn future strategy to improve performance especially in compliance areas....
EPB eyes Far East for fish exports ISLAMABAD, Oct 7: The Export Promotion Bureau will diversify fish exports to Far East markets to make up for the $23 million shortfall occurred due to a self-imposed ban on fish exports to Europe for eight months....		Govt borrows Rs40bn for budgetary support KARACHI, Oct 7: Government’s borrowing for its budgetary support from the banking system has crossed 40 per cent of the whole year’s target in just two months....
Stocks finish weekend session with modest gain KARACHI, Oct 7: Active renewed buying in leading bank and cement shares on Friday put the market back on the rails, signalling that the current run-up may not be overdone and the brief interruption was caused by some technical factors....		Active buying on cotton market KARACHI, Oct 7: Physical business on the cotton market remained on the higher side as mills and spinners were not inclined to take even a technical breather and lifted all the lots offered by the ginners....
Oil prices recover some losses LONDON, Oct 7: World oil prices rebounded on Friday after steep recent falls caused by signs that the high cost of crude is cooling demand for energy in the United States....		Katrina, Rita cause $70-130bn in damage WASHINGTON, Oct 7: Hurricanes Katrina and Rita caused between $70 billion and $130 billion in property damage and will have a sharp if short-lived impact on the overall economy, the US Congressional Budget Office said on Thursday....
SECP penalizes 9 firms ISLAMABAD, Oct 7: The Securities and Exchange Commission of Pakistan has penalized nine companies/firms of the Karachi Stock Exchange for failing to maintain high levels of integrity, promptitude and fairness while...		US loses 35,000 jobs in Sept WASHINGTON, Oct 7: The US economy shed 35,000 jobs in September, fewer than feared despite Hurricane Katrina, underlining the expansion’s vigour before two big storms hit the Gulf Coast, a Labour Department report on Friday showed....
Karachi Port operations KARACHI, Oct 7: Eight ships, including those whose arrivals were delayed carrying palm oil and chemicals are due to due to arrive at the outer anchorage on Saturday, according to KPT sources....		Port Qasim KARACHI, Oct 7: Three vessels carrying containers and chemicals were berthed at QICT and MPT during the last 24 hours, said a PQA press release on Friday....
WTO to name aircraft panel on 17th GENEVA, Oct 7: The World Trade Organization said on Friday it would name a panel later this month to referee the EU-US battle over billions of dollars in public aid for aircraft giants Boeing and Airbus....		NY cotton settles mixed NEW YORK, Oct 7: Cotton futures finished mixed on Friday in thin trade as market players sat back to wait for the release next week of a key government crop report, brokers said....
BP to sell petro unit for $9bn LONDON, Oct 7: British oil giant BP said on Friday it was to sell its petrochemical business Innovene to Britain-based chemicals group Ineos for $9 billion in cash....		Merger news to drive UK stock market LONDON, Oct 7: London investors will look to merger and acquisition news next week to drive share prices higher, alongside a smattering of corporate results and economic data....
Asian stocks mixed HONG KONG, Oct 7: Asian stocks closed narrowly mixed on Friday with anxious investors taking to the sidelines after two days of steep falls, prompted by the prospect of rising US interest rates....		Palm oil prices lower KUALA LUMPUR, Oct 7: Malaysian palm oil fell 1 per cent, giving back all gains from the previous day, as players took profit ahead of the weekend and key crop and trade data due on Monday....
OECD sees moderate growth ahead PARIS, Oct 7: The OECD said on Friday its composite leading indicator (CLI) rose to 104.0 in August from 103.9 in July, pointing to moderate growth in world’s most advanced economies in the period ahead....		IAP chairman KARACHI, Oct 7: Arshad Rana has been elected unanimously chairman of the Insurance Association of Pakistan. Tahir Ahmad has been elected vice-chairman, according to a press release....
WTO farm talks GENEVA, Oct 7: International farm trade negotiators met on Friday seeking to force the pace of struggling global trade talks, but diplomats saw no progress before a flurry of ministerial gatherings next week....		Gold steady in Europe LONDON, Oct 7: Gold hovered close to recent near 18-year highs in Europe on Friday as funds continued to show interest in the metal amid worries about inflation and US economic growth, dealers said....
Commodity markets LAHORE, Oct 7: The following were Friday’s upcountry commodity market rates in rupees. Foodgrains (per 40 kg): Wheat 425; Jowar 400 to 500; Maize 250 to 400; Bajra 500; Barley 500 to 520....		Karachi market rates KARACHI, Oct 7: The following were Friday’s commodity market rates in rupees....