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December 03, 2006 Sunday Ziqa'ad 11, 1427 No reversal of lending rate policy on cards KARACHI, Dec 2: The SBP will not yield to the pressure of business tycoons to bring lending interest rates down, as tight monetary policy is critical to curb inflationary pressures in the economy.... SBP says inflation may remain above target KARACHI, Dec 2: The State Bank of Pakistan apprehends inflation rate in the current fiscal year “may remain above 6.5 per cent annual target” because of the government’s inability to reduce petroleum prices.... Rs280.2m offered for Lyallpur Chemicals ISLAMABAD, Dec 2: Al Hamd Chemicals on Saturday offered the highest bid of Rs280.20 million for acquiring 100 per cent shares of Lyallpur Chemicals and Fertilisers Ltd (LCFL).... No drive to check prices after Ramazan KARACHI, Dec 2: Despite clear instructions from the federal government to continue a price checking campaign after Ramazan, the city government has yet to pay any attention and ultimately consumers are suffering by paying higher prices for essential items.... CDGK towns to boost trade fee revenues KARACHI, Dec 2: The municipal administrations of different towns in the City District Government Karachi (CDGK) have taken measures to increase revenue from annual trade licence fee.... Investment in power projects being encouraged ISLAMABAD, Dec 2: The government will encourage private investors to make huge investments in power sector and will take all measures to facilitate them.... Expansionary policy threat to economy KARACHI, Dec 2: The State Bank has warned the government not to follow expansionary fiscal policy as it has further compounded risks to the economy in 2007.... CFS rates depict modest fall KARACHI, Dec 2: The CFS investment on the Karachi Stock Exchange showed modest decline at Rs34.95 billion from the previous week’s Rs35.8 billion as demand for funds was said to be on the lower side owing to a falling market.... Separate chamber for women allowed ISLAMABAD, Dec 2: For the first time in country''s history, the government has allowed women entrepreneurs to establish separate women''s chamber of commerce and industry (WCCI) in a bid to enhance their participation in trade, industry and services.... NADRA to develop SID system for BD KARACHI, Dec 2: Bangladesh has sought assistance from National Database and Registration Authority (NADRA) in developing Seafarer’s Identity Document (SID) in line with those being presently used by Pakistani seafarers the world over.... Inflation risk to US economy KENOSHA, Dec 2: Federal Reserve policy-makers on Friday said inflation remained a risk to the US economy, even as data showing factory activity falling for the first time in 3-1/2 years indicated growth was slowing.... CBR may revive field audit of sales tax ISLAMABAD, Dec 2: The Central Board of Revenue (CBR) is likely to revive the field audit of sales tax suspended two years ago due to non-existence of any effective audit policy and corruption of auditors.... Karachi Port Operations KARACHI, Dec 2: Nine ships carrying containers, rock phosphate and to load clinkers and molasses are due to arrive at the outer anchorage on Sunday, according to KPT sources.... Prices up by Rs50 on cotton market KARACHI, Dec 2: The cotton market on Saturday maintained bullish outlook as spinners and mills continued to make panic buying followed by fears of pressure on future supplies.... Eurozone jobless rate drops BRUSSELS, Dec 2: The unemployment rate in the 12 nations sharing the euro slipped in October a five-and-a-half year low of to 7.7 per cent from 7.8... Divestment MILAN, Dec 2: The Italian government said on Friday it would sell half of its controlling interest in flag carrier Alitalia, inviting investors to bid for about 25 per cent of the loss-making airline.... Capital tie TOKYO, Dec 2: Japan''s Nippon Steel Corp met with the chairwoman of Baosteel Group Corp and will consider a cross-shareholding deal with China''s largest steel maker, the Nihon Keizai newspaper reported on Saturday.... Indonesian trade surplus up JAKARTA, Dec 2: Indonesia''s trade surplus surged to $4.23 billion in October or 35.6 per cent from September''s $3.12 billion, primarily due to a steep fall in imports because of a holiday, official data showed on Friday.... Transfer KARACHI, Dec 2: Junaid Ashraf has been transferred as general manager from Pearl Continental Hotel, Bhurban, to Pearl Continental Hotel, Karachi. The hotel is presently undergoing an extensive refurbishment programme to stay in line with its customary standards.... Most global commodity markets higher LONDON, Dec 2: Most global commodity markets advanced this week, in line with oil price gains, reaping the benefits of a weak US currency which makes dollar-denominated products cheaper for foreign buyers.... Iran says Opec may cut production if prices fall TEHRAN, Dec 2: Iran''s Oil Minister Kazem Vaziri-Hamaneh said Opec may cut its crude production again if the prices fall, Iran''s student news agency ISNA reported on Saturday.... Wall Street lower NEW YORK, Dec 2: Wall Street shares closed lower on Friday after a gauge of manufacturing activity displayed a surprise contraction, raising fears that the US economic slowdown may be deepening.... Dollar down in US NEW YORK, Dec 2: The greenback''s decline deepened on Friday, with the euro breaching $1.33 and the British pound hitting 14-year highs, after US manufacturing contracted in November.... VW brand head in talks with DaimlerChrysler FRANKFURT, Dec 2: Volkwagen brand group chief Wolfgang Bernhard has met with DaimlerChrysler head Dieter Zetsche to discuss his possible return to DaimlerChrysler, German magazine Automobilwoche said on Saturday.... World oil prices rebound NEW YORK, Dec 2: World oil prices rounded off five days of hefty gains Friday, overcoming earlier profit-taking on new warnings about output cuts from the Opec oil cartel.... India’s ONGC to reinvest Sakhalin-1 oil revenue BANGALORE, India, Dec 2: India''s Oil and Natural Gas Corp plans to plough back revenues from Sokol crude sales for the development of the Sakhalin-1 oil field, ONGC Videsh managing director R.S....

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