November 2, 2005	Wednesday	Ramzan 28, 1426

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Quake to cost Rs60bn annually for 5-7 years KARACHI, Nov 1: Three days after the 10/8 earthquake struck Pakistan’s northern areas leaving a trail of death and destruction in its wake, an economist of some repute was quoted to...		Poultry, potato, sugar, tomato cost more KARACHI, Nov 1: Potato, chicken, egg, sugar and tomato have become costlier, while prices of pulses and some vegetables have declined in the last one month....
SBP redefines loans, advances KARACHI, Nov 1: The State Bank on Tuesday reclassified loans and advances and now the loans and advances overdue by 90 days will be classified as substandard, 180 days as doubtful and one year or more as loss....		Liquidity crunch prevails on market KARACHI, Nov 1: The State Bank injected Rs5 billion and banks borrowed a huge liquidity from the discount window, but the liquidity crunch kept a strong grip on the money market...
Poor power supply hits SME growth: ADB report ISLAMABAD, Nov 1: State-owned power sector entities in Pakistan have failed to stop high levels of line theft and their politically negotiated power tariffs are significantly distorting the growth potential of small and medium enterprises (SMEs), says the Asian Development Bank....		Cabinet ratifies KESC sale: Talks on PTCL after Eid ISLAMABAD, Nov 1: The federal cabinet on Tuesday ratified the transfer of 73 per cent shares along with management control of Karachi Electric Supply Corporation (KESC) to Hassan Associates and Saudi...
PC gets 12 SoQs for Pakistan Steel ISLAMABAD, Nov 1: The Privatization Commission has received 12 Statements of Qualifications (SoQs) from potential investors for the privatization of Pakistan Steel Mills Corporation (PSMC), says a press release issued here on Tuesday....		Panic-buying on cotton market KARACHI, Nov 1: Brisk trading was witnessed on the cotton market on Tuesday as spinners and mills made near-panic buying followed by rumours of a considerable decline in arrivals of phutti into the ginneries for the fortnight ended Oct 31....
Manufacturing activity picks up LONDON, Nov 1: Strong global demand boosted exports from the euro zone and Britain, pushing manufacturing sector growth in both areas to multi-month highs, surveys of purchasing managers showed on Tuesday....		Oil prices ease LONDON, Nov 1: Oil prices fell on Tuesday in the absence of cold weather in the United States and Europe and despite a strike at Europe’s biggest refinery, analysts said....
Karachi Port operations KARACHI, Nov 1: Cargo handling activity at the Karachi port is expected to further pick up on Wednesday as 10 vessels are expected to arrive at the outer anchorage on Wednesday, according to KPT sources....		Port Qasim KARACHI, Nov 1: Three ships carrying containers, chemicals and sugar were allotted berths at QICT and MPT during the last 24 hours, said a PQA press release on Tuesday....
G8 and new economic powers debate climate change in London LONDON, Nov 1: Group of Eight energy and environment ministers huddled with their counterparts from China, India and other new economic powers in London on Tuesday, exploring the way forward on combating climate change....		Data puts another dent in UK rate cut expectations LONDON, Nov 1: Expectations of another British interest rate cut faded further on Tuesday as a series of reports ranging from manufacturing to house prices suggested that a struggling economy might be on the mend....
Europe’s biggest oil refinery hit by strike LONDON, Nov 1: More than 1,500 workers of Royal Dutch Shell went on strike on Tuesday at Europe’s biggest oil refinery in The Netherlands, in protest at group plans to alter their pension rights, union leaders said....		IBM deal boosts Lenovo profit HONG KONG, Nov 1: China’s largest computer maker Lenovo reported on Tuesday a 13.45 per cent increase in first-half net profit, boosted by the contributions from its recently acquired IBM personal...
‘WTO farm deal may boost Brazilian economy’ PARIS, Nov 1: Brazilian farmers receive a fraction of the government support offered to their counterparts in Europe and the United States, but they would gain substantially from a global deal...		WB sees better Russia investment climate MOSCOW, Nov 1: The investment climate in Russia has improved this year but competitiveness of Russian enterprises has been hurt by a strengthening ruble, the World Bank said in a report released on Tuesday....
Gold up in Europe LONDON, Nov 1: Gold inched up in European trade ahead of a US Federal Reserve policy meeting later on Tuesday that could affect the dollar and provide clues to the precious metals market, dealers said....		Asian stocks close mostly higher on Wall Street gains HONG KONG, Nov 1: Asian stocks followed Wall Street’s lead on Tuesday and closed mostly higher with sentiment also buoyed by a further easing in oil prices, which edged under $60 a barrel, dealers said....
Urea import: traders told to contact Minfal ISLAMABAD, Nov 1: The ministry of food, agriculture and livestock (Minfal) has asked importers to inform the ministry latest by November 10 for importing urea. An official announcement on Tuesday said...		SoQs for PAFL ISLAMABAD, Nov 1: The Privatization Commission has received only 12 Statements of Qualifications (SoQs) out of 27 parties which had submitted EoIs for acquiring 90 per cent equity stake of Pak American Fertilizers Ltd (PAFL)....
Ferroalloys production begins KARACHI, Nov 1: The first plant in Pakistan to commercially produce ‘Ferroalloys’ that would cater to the needs of Pakistan Steel and other steel manufacturing units, has started production in the Dhabeji Industrial Estate....		US takes up daunting tax reform WASHINGTON, Nov 1: A high-level panel appointed by President George W. Bush on Tuesday recommended the first wholesale revisions to the US tax code in two decades to encourage savings and economic growth....
Dollar up against euro LONDON, Nov 1: The dollar strengthened here on Tuesday on a better-than-expected report on US manufacturing activity, but gains against the euro were limited as dealers awaited a Federal Reserve decision on interest rates....		Russia to chair G8 meetings next year MOSCOW, Nov 1: Russia said on Tuesday it would chair meetings of finance ministers from the Group of Eight nations next year, potentially boosting its standing in a global policy forum it has in the past attended as a mere observer....
Turkish govt approves banking law ANKARA, Nov 1: Turkish President Ahmet Necdet Sezer has signed into law a banking reform bill sought by the International Monetary (IMF), but will seek the cancellation of several provisions at the constitutional court, his office said on Tuesday....		NY gold futures fall NEW YORK, Nov 1: Gold futures in New York sank to their lowest since mid-September on Tuesday amid speculative liquidation and a stronger dollar ahead of a likely increase in US interest rates, dealers said....
Commodity markets LAHORE, Nov 1: The following were Tuesday’s upcountry commodity market rates in rupees. Foodgrains (per 40 kg): Wheat 430/440; Jowar 400 to 500; Maize 340 to 450; Bajra 580 to 560; Barley 540 to 560....		Karachi market rates KARACHI, Nov 1: The following were Tuesday’s commodity market rates in rupees....