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December 22, 2006 Friday Ziqa’ad 30, 1427 KSE unable to free itself of bear hug KARACHI, Dec 21: In the last six trading sessions from December 14, the KSE index of 100 shares has plunged by a massive 681 points and lost Rs185 billion of market value of all shares combined.... Cotton target fixed at 12.5m bales KARACHI, Dec 21: The government has fixed cotton production target of 12.5 million bales for current season (2006-07), with a major chunk of around 10.05 million bales to be produced by Punjab, followed by Sindh 2.35... State Bank raises cut-off yields on PIBs KARACHI, Dec 21: The State Bank raised cut-off yields on Pakistan Investment Bonds (PIBs) of different tenures signaling that national saving schemes (NSS) rates may be revised upward.... Structural reforms led to surge in FDI, says PM ISLAMABAD, Dec 21: Prime Minister Shaukat Aziz said on Thursday that the government is encouraging domestic and foreign investments in all sectors of the economy to further expedite growth and generate more economic activity in the country.... Oil falls despite Nigeria attack LONDON, Dec 21: World oil prices slid below $63 on Thursday on profit-taking, despite a further attack on oil infrastructure in Nigeria, Africa’s biggest exporter of crude.... Share prices fall like ninepins KARACHI, Dec 21: The KSE 100-share index on Thursday broke the psychological barrier of 10,000 points on active selling in the base shares by leading investors trapped in massive leverage positions as the rollover week is in the fading stages.... Businessmen to hold talks with parties on strike issue KARACHI, Dec 21: Businessmen have decided to directly contact political parties to persuade them to refrain from expressing their resentment through strikes in Karachi as it disrupts movement of the economic wheel.... UK likely to miss 2.75pc growth target LONDON, Dec 21: The Office for National Statistics (ONS) said on Thursday that growth in the UK in the year to the end-September stood at 2.9... Iran, China sign $16bn gas deal TEHRAN, Dec 21: Iran and China''s biggest offshore oil producer, CNOOC, have signed a memorandum of understanding worth more than $16 billion to develop a giant natural gas field, the Fars news agency reported Thursday.... Agreement signed for power plant ISLAMABAD, Dec 21: The Halmore Power Generation Company (Pvt) Ltd (HPGCL) on Thursday signed its implementation agreement with the Private Power and Infrastructure Board (PPIB).... Takeover MOSCOW, Dec 21: One of the biggest Russian investment banks, Aton, has agreed to be taken over by the Italian banking group UniCredit for $424m, the Russian firm said on Thursday."Aton... US GDP growth rate revised down to 2pc WASHINGTON, Dec 21: US economic growth was a bit more sluggish than earlier estimated in the third quarter, growing at a 2.0 per cent annualised pace, according to revised data released on Thursday.... Cotton prices ease on falling demand KARACHI, Dec 21: Cotton market on Thursday eased modestly from the early week higher levels as some of the ginners lower their asking prices amid falling mill demand.... European shares slide LONDON, Dec 21: European shares slid lower on Thursday along with counterparts in early Wall Street trades after US data showed that third quarter economic growth was more modest than previously thought, dealers said.... Gazprom to get 50pc of Sakhalin-2 for $7.45bn LONDON, Dec 21: Anglo-Dutch energy group Royal Dutch Shell said on Thursday that Russian state gas group Gazprom will become a 50 per cent shareholder in the Sakhalin-2 project at a cost of $7.45... Karachi Port operations KARACHI, Dec 21: Nine ships carrying general cargo, chemicals and to load clinker are due to arrive at the outer anchorage on Friday, according to KPT sources.... Port Qasim KARACHI, Dec 21: Four ships, Qia Al Fuma, Kingston, CMA Tulip and Aghia Markella, carrying containers and seeds arrived at the outer anchorage during the last 24 hours, said a PQA press release on Thursday.... Bristol to pay $499m for settlement NEW YORK, Dec 21: US pharmaceutical group Bristol-Myers Squibb agreed on Thursday to pay $499 million to settle a probe into possible violations of federal laws on drug pricing and marketing.... Pakistan to take part in Hannover tools show ISLAMABAD, Dec 21: The Engineering Development Board (EDB) will take a delegation of engineering companies to the European Machine Tools Show-2007 in Hannover, Germany.... Inflation still threat to US economy CHARLOTTE, NC, Dec 21: Richmond Federal Reserve Bank President Jeffrey Lacker said on Thursday US growth should pick up gradually next year and warned the main threat to this benign outlook was higher inflation.... Labour rights PARIS, Dec 21: France Telecom signed an agreement on Thursday with trade unions covering basic labour rights for its 200,000 staff, of whom 80,000 work in 170 countries other than France, union sources said.... Rating KARACHI, Dec 21: JCR-VIS Credit Rating Company Ltd. has reaffirmed the medium to long-term entity rating of Escorts Investment Bank Limited (EIBL) at ‘A’ (Single A).... Election KARACHI, Dec 21: Shaikh Ziauddin has been elected chairman and Shahzad Ahmed and Mohammad Ajmal vice-cchairmen for southern and northern circles, respectively, of All Pakistan Paper Merchants Association, says a press release.... Dollar steady LONDON, Dec 21: The dollar held its ground on Thursday in quiet pre-Christmas trade after a day of mixed US data including a downgrade of third-quarter US gross domestic product data.... Environment KARACHI, Dec 21: The environment related problems have become worst and technical experts, funds, and powers to enforce laws are needed to solve the problem. This was stated by Sindh Minister for Environment and Alternate Energy Dr.... Asian stock markets mixed HONG KONG, Dec 21: Asian markets ended mixed on Thursday, with the Japanese stocks hitting a fresh seven-month high but Thai shares falling again.... Mittal to build $9bn steel plant in India BHUBANESHWAR, Dec 21: The world’s largest steelmaker Arcelor Mittal on Thursday signed a $8.7 billion project with the Orissa government to build a steel plant in the eastern Indian state, officials said.... Indian govt to offload stakes in Maruti NEW DELHI, Dec 21: The Indian government will sell its existing stake in the country’s largest car-making firm which it launched 25 years ago in collaboration with Japan’s Suzuki Motor Corp, officials said on Thursday....

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