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August 22, 2006 Tuesday Rajab 26, 1427 Low credit off-take may affect GDP growth: Manufacturing sector KARACHI, Aug 21: Private sector credit off-take by the major sectors such as textile and communication has started declining which may make it difficult for the country to achieve 7 per cent economic growth target for the ongoing fiscal year.... S&P hints at lowering Pakistan credit rating ISLAMABAD, Aug 21: The Singapore-based Standard & Poor’s Ratings Services has hinted at removing the log-term positive outlook from Pakistan''s credit rating owing to domestic political and economic risks and emerging regional situation, it is learnt.... Stocks falter as support turns shy KARACHI, Aug 21: Stock market on Monday lacked normal trading interest as leading investors and institutional traders kept to the sidelines most of the time for no apparent bearish reason.... SECP seeks ‘rationale’ on KSE change of rules KARACHI, Aug 21: The Securities and Exchange Commission of Pakistan (SECP) on Monday issued a directive to the Board of directors of Karachi Stock Exchange (KSE) seeking “a comprehensive rationale” of... Pakistan yet to finalise GI draft law ISLAMABAD, Aug 21: The government has yet to finalise the law for protecting the ownership rights of goods that have a specific geographical origin and possess a quality, reputation, or other characteristic which is due to that place.... NBP profit up 82pc in six months KARACHI, Aug 21: National Bank of Pakistan posted profit after tax at Rs8.02bn for the first half year ended June 30, 2006, representing 82.4pc surge over profit after tax at Rs4.39bn... Export processing zone in Gwadar planned QUETTA, Aug 21: The federal government has decided to establish an export processing zone on a 1,000-acre land at the Gwadar Industrial Zone for providing batter import and export facilities.... Clarification KARACHI, Aug 21: The City District Government Karachi (CDGK) has denied that a ban has been imposed on movement of containers to and from Korangi industrial area.... Lebanon plans to rebuild economy BEIRUT, Aug 21: Israel''s war with Hizbollah has crushed all parts of Lebanon''s economy and erased growth this year, but restructuring funds will create jobs and boost the economy in 2007, Lebanon''s economy minister said on Monday.... Plgmea against cut in drawback rates KARACHI, Aug 21: Pakistan Leather Garments Manufacturers and Exporters Association (Plgmea) has criticised the decision of the Central Board of Revenue to reduce duty drawback rates on export of leather garments to 3.22... Dollar slips against euro LONDON, Aug 21: The dollar and yen both fell against the euro on Monday as expectations of rising interest rates in the eurozone boosted the European single currency, dealers said.... Listless trading on cotton market KARACHI, Aug 21: Trading on the cotton market resumed on a cheerless note as physical business failed to pick up in the absence of strong mill buying.... Russia repays $23.7bn debt MOSCOW, Aug 21: Russia completed early repayment on Monday of more than $23.7 billion of Soviet-era debt owed to the Paris Club of creditor nations, underscoring the country’s new economic power.... Excise duty revenue up by 11.7pc ISLAMABAD, Aug 21: The Central Board of Revenue (CBR) has raised Rs53.102 billion as Federal Excise Duty (FED) from six major items during the fiscal year 2006 as against Rs47.581... $1bn LNG storage facility DUBAI, Aug 21: Dubai has teamed up with LNG Impel, a subsidiary of the Canadian firm Galveston LNG, to develop a $1 billion liquefied natural gas storage facility, a statement from the Gulf emirate said on Monday.... Karachi Port operations KARACHI, Aug 21: Seven ships carrying containers and to load rice and cement are expected to arrive at the outer anchorage on Tuesday, according to KPT sources.... Russian aluminium giants to merge MOSCOW, Aug 21: Russia''s largest and second-largest aluminium producers, Rusal and Sual, plan to merge to create the world''s largest producer of primary aluminium, a report said on Monday.... Morgan Stanley to buy property group WASHINGTON, Aug 21: An arm of Morgan Stanley''s banking group will acquire a US property manager, Glenborough Realty Trust, which owns office properties in Washington and California, for $1.9... Asian stocks mostly lower HONG KONG, Aug 21: Asian stocks shrugged off a solid performance by Wall Street to close mostly lower on Monday with profit takers moving-in and cashing-up on recent gains.... European stocks weaken LONDON, Aug 21: European stock markets mainly fell on Monday as investors monitored newsflow across the energy sector, dealers said. In Paris the CAC 40 index of leading shares slid 0.36... Palm oil up KUALA LUMPUR, Aug 21: Malaysian crude palm oil futures bounced back on Monday, boosted by healthy export performance and higher prices of crude oil. Exports of Malaysian oil palm products for... Karachi market rates KARACHI, Aug 21: The following were Monday’s commodity market rates in rupees....

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