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January 07, 2007 Sunday Zilhaj 16, 1427 Foreigners hold 20pc of free-float on KSE KARACHI, Jan 6: Foreign investment in the country’s capital market is generally dismissed as of little consequence and an ex-chairman of the Karachi Stock Exchange commented a little while ago that the market would be better off without it.... Exaggerated statistics become controversy KARACHI, Jan 6: Official trade statistics are set to become a focus of controversy again as a loud whisper moving in the business circles questions the credibility of $16.45... G-20 states step up efforts to end stalemate ISLAMABAD, Jan 6: Like other developing countries, members of the G-20 coalition have stepped up their efforts to put the development dimension on the centre stage at the WTO negotiations for... Achieving 12.5m bales target looks tough KARACHI, Jan 6: The sudden fall in phutti arrivals into ginneries during the last fortnight (Dec 15, 2006 to Jan 1, 2007) has dashed the hopes of even achieving official production target of 12.5... Opec output cuts likely to avert slide in oil prices RIYADH, Jan 6: Weakening fundamentals and softening crude markets marked the advent of the New Year, as an exceptional year whizzed by. With crude prices receding into the mid-50s, below the... Kenya denies blocking Pakistan rice shipments NAIROBI, Jan 6: Kenya on Saturday denied it had stopped Pakistani rice sales into the east African country, saying it had only tightened its standards.... IDB to float Islamic bonds KUALA LUMPUR, Jan 6: The Islamic Development Bank (IDB) will sell Islamic bonds to fund its projects in Malaysia, a newspaper reported on Saturday, quoting a bank official and bankers familiar with the plan.... Govt to launch drive against IPRs violations ISLAMABAD, Jan 6: The government is planning to launch a campaign against violations of Intellectual Property Rights (IPRs) which are not only damaging country''s image, but also acting as a disincentive for foreign investment.... Four SECP directors on KSE board KARACHI, Jan 6: The Securities and Exchange Commission of Pakistan (SECP) on Saturday announced names of (non-member) directors on the Board of the Karachi Stock Exchange for 2007.... Algeria to cut oil output from Feb 1 ALGIERS, Jan 6: Algeria will reduce oil output by 25,000 barrels per day (bpd) from Feb 1 in compliance with Opec''s latest production cut, Energy and Mines Minister Chakib Khelil said on Saturday.... Russia issues warning on oil tax row MOSCOW, Jan 6: Russia warned on Saturday it would take measures against Belarus if it insisted on a new transit tax on Russian oil, after Minsk went on the offensive in... Debt relief BANGUI, Jan 6: China''s Foreign Minister Li Zhaoxing has signed debt relief and aid agreements worth some $15 million with Central African Republic, the fifth African country to receive such aid over the past few days.... Solar unit ZURICH, Jan 6: Swiss technology group Oerlikon may consider floating its solar energy business but no decision is imminent, a key Austrian shareholder in the company was quoted as saying on Saturday.... First effluent treatment plant completed KARACHI, Jan 6: The first effluent treatment plant of the country at the Korangi Industrial Area has been completed at a cost of Rs492 million. This was stated by the chief... Prices stay firm on cotton market KARACHI, Jan 6: Cotton market on Saturday finished the weekend session on a steady note as both ginners and spinners remained busy in evolving new year selling and buying strategies.... US banks told to address structuredfinancial risks WASHINGTON, Jan 6: US financial regulators on Friday issued final guidance aimed at helping banks and other institutions identify and control heightened risks from certain complex structured finance transactions, such as... China’s tax revenues BEIJING, Jan 6: China''s tax revenues rose 21.9 per cent to 3.76 trillion yuan ($482.5 billion) in 2006, the official Xinhua news agency said in an overnight report.... Indian wheat plantings up NEW DELHI, Jan 6: Indian farmers have sown wheat on 27.5 million hectares between Nov. 1 and Jan. 5, up 7 per cent from a year ago, government data show.... Karachi Port operations KARACHI, Jan 6: Five ships carrying lube oil, rock phosphate and to load clinkers are due to arrive at the outer anchorage on Sunday, according to KPT sources.... Port Qasim KARACHI, Jan 6: Two container ships were accommodated berths at QICT during the last 24 hours, said a PQA press release on Saturday. Meanwhile, two more ships carrying containers and liquefied petroleum gas also arrived at the outer anchorage.... Assembly of trucks, bus starts at new plant KARACHI, Jan 6: The Afzal Motors Private Limited in a joint venture agreement with a Korean company has started assembly of trucks and buses. The company has invested Rs500 million... Commodities slide in weak start to 2007 LONDON, Jan 6: Global crude oil prices plunged in the first week of 2007, hit by the prospect of lower US demand, while a strengthening US currency hit other dollar-denominated commodities.... World oil prices recover NEW YORK, Jan 6: Oil prices recovered some lost ground on Friday after sinking beneath $55 a barrel for the first time since 2005, due to mild winter weather in the United States.... Dollar strikes six-week high against euro NEW YORK, Jan 6: The dollar hit a six-week high against the euro on Friday after the publication of US non-farm payrolls data which showed that job creation in the world''s biggest economy picked up in December.... US-UAE free trade deal likely WASHINGTON, Jan 6: A free trade deal between the US and the UAE is still possible, even though talks fell off track last year, a US business leader said on Friday.... BSE shortlists five foreign exchanges for stake: paper MUMBAI, Jan 6: The Bombay Stock Exchange Ltd. (BSE) has shortlisted London, Nasdaq, Deutsche Borse, New York and Singapore stock exchanges for the proposed sale of a 26 per cent stake, the Business Standard newspaper reported on Saturday.... Wall Street slumps on Fed rate hike fears NEW YORK, Jan 6: US stocks closed lower on Friday as the likelihood of an interest rate cut by the Federal Reserve dwindled rapidly in the wake of a government job report which revealed a hefty jump in wages.... Karachi market rates KARACHI, Jan 6: The following were Saturday’s commodity market rates in rupees....

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