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January 09, 2007 Tuesday Zilhaj 18, 1427 Banks ready to resist SBP move for better returns KARACHI, Jan 8: Banks are set to oppose any move by the State Bank to compel them to offer better returns on deposits, said banking sources.... Commerce ministry’s proposal rejected: Enhancing exports ISLAMABAD, Jan 8: The government has rejected a request of the commerce ministry to give it a free hand to utilise the nearly Rs100 million annual export marketing development fund without involving budgetary or other regulatory complications.... 5-year plan okayed for engg sector growth KARACHI, Jan 8: Prime Minister Shaukat Aziz said on Monday that the federal government had approved a five-year plan for development of engineering industry and that local and foreign investors would be provided all possible facilitation.... Two fertiliser plants ordered shut down LAHORE, Jan 8: The Sui Northern Gas Pipeline (SNGPL) for the first time on Monday ordered two fertiliser plants located in Multan and Sheikhupura to shut down their operations to save... Stocks extend overnight rally KARACHI, Jan 8: Stocks on Monday finished with an extended gain boosted by renewed active covering purchases in the leading bank and oil shares under the lead of PTCL, National Bank... Voluntary pension scheme launched ISLAMABAD, Jan 8: To introduce a robust and flexible pension system in the country, the Securities and Exchange Commission of Pakistan (SECP) has launched the Voluntary Pension System (VPS) by issuing... Doha Round on brink of failure LONDON, Jan 8: Global trade talks are on the brink of failure and will only succeed with the support of US President George W. Bush, EU Trade Commissioner Peter Mandelson told The Times in an interview published on Monday.... Local, Danish IT firms announce merger ISLAMABAD, Jan 8: Aqcel Group, one of the leading exporters of IT based solutions in Pakistan, announced its merger with the Danish based IT giant Mondo, on Monday.... US economic expansion continuing WASHINGTON, Jan 8: The US economy is cooling to a modest but more sustainable pace of growth, and does not appear to be going into a downturn, Federal Reserve vice chairman Donald Kohn said on Monday.... Euro recovers losses LONDON, Jan 8: The euro settled on Monday into a narrow trading range against the dollar, which early in the day surrendered some of the gains it made in a rally at the end of last week.... Sugar rates go up ahead of Muharram KARACHI, Jan 8: With Muharram only 12 days away, millers and market players have joined hands to cash in on the situation by pushing up sugar rates to Rs29.50-Rs30... Oil row hits supplies to Germany, Poland MOSCOW, Jan 8: Russian oil exports to Germany and Poland through Belarus were stopped on Monday in a dispute spotlighting the European Union’s vulnerability to tension between Russia and its ex-Soviet neighbours.... Oil prices plunge LONDON, Jan 8: World oil prices sank on Monday, hitting a fresh 2005 low in London, as dealers focussed on mild weather in the United States despite forecasts of a cold snap.... Prices stable on cotton market KARACHI, Jan 8: Cotton prices on Monday remained stable around the previous levels as sellers and buyers kept to the sidelines apparently re-fixing their new year priorities.... Nasdaq attempts to win over LSE shareholders LONDON, Jan 8: The US exchange, Nasdaq continuing its months-long battle for the London Stock Exchange has warned LSE shareholders not to be misled by claims from its management that it has a strong future as an independent bourse.... Palm oil prices fall KUALA LUMPUR, Jan 8: Malaysian crude palm oil futures closed down almost 4pc on Monday, dragged down by easing flooding and a lack of heavy rains.... Taiwan exports up TAIPEI, Jan 8: Taiwan''s exports in December rose 9.1pc year-on-year to $19.58bn, compared with an 8.2pc increase to $19.54bn posted in Nov, the finance ministry said on Monday.... Karachi Port operations KARACHI, Jan 8: Four ships carrying chemicals, steel and containers are due to arrive at the outer anchorage on Tuesday, according to KPT sources.... Port Qasim KARACHI, Jan 8: Five ships to load/offload containers, edible oil, diesel oil and chemicals were accommodated berths during the last 24 hours, said a PQA press release on Monday.... Bank plans expansion KARACHI, Jan 8: Standard Chartered Bank, which recently acquired a Pakistani bank, plans to double its presence in next five years. Group Executive Director of Standard Chartered Plc Mike DeNoma told... Appointment KARACHI, Jan 8: Mr Aziz Rajkotwala, a senior banker who carries with him a vast experience of international and local banking, has been appointed chief executive officer of the Atlas Bank Limited, the Atlas Group announced on Monday.... IPOs raise $86bn in Europe PARIS, Jan 8: Initial public offerings on European exchanges raised a record 66 billion euros ($86 billion) last year, nearly two times the amount raised on US markets, a study by consultants PricewaterhouseCoopers revealed on Monday.... Asian stocks close lower HONG KONG, Jan 8: Asian stocks followed Wall Street''s lead and closed sharply lower on Monday with investors again cashing-up on the end of year rally, amid concerns over US interest rates.... CBR transfers & postings ISLAMABAD, Jan 8: The Central Board of Revenue (CBR) has transferred and posted 17 collectors of customs and sales tax. Among the postings the CBR also elevated five officers of customs...

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