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May 10, 2007 Thursday Rabi-us-Sani 22, 1428 Current account deficit up by 43pc KARACHI, May 9: The current account deficit of nine months has gone up further to $6.015 billion making it more difficult to meet the gap as the government’s dependence on foreign inflows and borrowings is on the rise.... South Africa lifts countervailing duty on bedlinen KARACHI, May 9: South Africa has terminated 6.1 per cent countervailing duty on printed bedlinen imports originating from Pakistan with retrospective effect from Dec 28, 2006....   Malaysia insists on duty cut on palm oil: FTA may be delayed ISLAMABAD, May 9: Talks between Pakistan and Malaysia remained inconclusive on narrowing down differences on some crucial parts of the proposed free trade agreement (FTA), which is likely to delay the implementation of the treaty, officials told Dawn.... Emerging giants pose challenge to US economy GENEVA, May 9: Swift gains in competitiveness by emerging nations are challenging the supremacy of industrialised economies and raising the prospect of a protectionist backlash, a leading report said on Thursday.... Stocks consolidate overnight gains KARACHI, May 9: Stocks on Wednesday consolidated previous gains as follow-up support figured prominently on selected counters but foreign buying was a bit shy apparently awaiting fresh positive developments on the judicial front.... Trade gap widens to $11.083bn ISLAMABAD, May 9: Pakistan posted all-time record trade deficit of $11.083 billion during the first 10 months of this fiscal year, up by 16.81 per cent from $9.849... London tops in global equity trading LONDON, May 9: The capital city of United Kingdom maintained its lead over New York in international equity trading in 2006 and increased its share of IPOs according to a new edition of International Financial Services London (IFSL’s) Securities Dealing report.... Oil prices slide LONDON, May 9: World oil prices tumbled by more than a dollar on Wednesday as government data showed a surge in US crude inventories and the first rise in 13 weeks for stockpiles of American motor fuel, analysts said.... Cooperation with Czeck Republic: MoU signed ISLAMABAD, May 9: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and the Economic Chamber of the Czech Republic (ECCR) on Wednesday inked a memorandum of understanding (MoU) on cooperation in trade between the two countries.... Procedure for wheat export notified ISLAMABAD, May 9: The ministry of food and agriculture has notified procedures and conditions for export of 0.5 million metric tons of wheat through private sector latest by July 31, 2007 to all countries, including India.... Oil exploration DAMAS, May 9: Syria’s oil minister announced on Wednesday the launch of tenders for oil and gas exploration in four blocs off the country’s coast, state news agency Sana reported.... Dollar slips LONDON, May 9: The dollar weakened slightly on Wednesday, having remained in narrow trading ranges against major currencies for most of the day as markets waited for a Federal Open Market Committee meeting and the US central bank''s outlook statement.... Cotton prices rise on fresh buying KARACHI, May 9: Cotton prices on Wednesday were marked down by Rs25 per maund as some of the ginners cleared their backlog of unsold odd lots at the lower levels.... Japan, China accused of currency manipulation WASHINGTON, May 9: US industry and labour leaders took their complaints to Congress on Wednesday about what they claimed was currency manipulation by China that crimps US exports and costs American jobs.... US, EU narrowing differences, says Lamy BRUSSELS, May 9: The key players in struggling WTO free trade negotiations — the European Union, the United States, Brazil and India — are to meet May 17 and 18 in Brussels, an EU official said on Wednesday.... Karachi Port operations KARACHI, May 9: Ten ships carrying containers, crude oil and general cargo are expected to arrive at the outer anchorage on Thursday, according to KPT sources.... Turkey delays IMF-backed social security law ANKARA, May 9: Turkey on Wednesday delayed the implementation of a critical social security law sought by the IMF until next year, the Anatolia news agency reported.... Poultry rates KARACHI, May 9: The following are Thursday’s poultry market rates:... Asian stocks higher HONG KONG, May 9: Asian stocks higher on Wednesday, riding the momentum and driven by merger and acquisition themes against a backdrop of bouyant investor confidence, dealers said.... European stocks up LONDON, May 9: Europe''s main stock markets rose on Wednesday as investors looked to rumours of a gigantic takeover of Rio Tinto by Anglo-Australian mining giant BHP Billiton.... Palm oil mixed JAKARTA, May 9: Indonesian palm oil prices were mixed on Wednesday, amid tight crude palm oil supplies and with the market digesting a further rise in the rupiah and an increase in base export prices.... Conversion rates KARACHI: The following are May 10 State Bank conversion rates for foreign currency deposits, dollar bearer certificates, foreign currency bearer certificates, and special US dollar bonds....

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