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June 26, 2007 Tuesday Jamadi-us-Sani 10, 1428 Poultry associations divided over losses: Egg prices shoot up KARACHI, June 25: Poultry associations are divided on amount of loss incurred by the industry in Saturday’s storm that killed millions of birds and chicks. One of them estimates loss of... Unisame calls for halt of refinance under Part-11 KARACHI, June 25: The Union of Small and Medium Enterprises (Unisame) has urged the State Bank to stop export refinance under Part 11 of the Export Refinance Scheme for promotion of export....   Rs842.2m embezzlement detected in export funds ISLAMABAD, June 25: An embezzlement of more than Rs842.277 million has been unearthed in the accounts of Export Development Fund (EDF) and Export Market Development Fund (EMDF) for the audit year 2005-06.... Innovative Asia urged to stay competitive SINGAPORE, June 25: From China to Singapore, Asia must nurture a culture of innovation if the region is to emerge as a formidable global player, the World Economic Forum (WEF) on East Asia was told on Monday.... Stocks resume upward journey KARACHI, June 25: Share market on Monday was back on the rails on active short-covering at the lower levels aided partly by successful launch of the United Bank’s GDR and settling... Zoellick unanimously approved as WB chief WASHINGTON, June 25: The World Bank on Monday unanimously approved Robert Zoellick as its president after a controversial two-year term by Paul Wolfowitz, who agreed to resign over a promotion scandal involving his companion.... Chronology of WB presidents WASHINGTON, June 25: Robert Zoellick becomes the global development lender''s 11th president.... Oil prices sink LONDON, June 25: World oil prices sank on Monday following the end of a general strike in Nigeria that had threatened exports from the sixth-biggest crude producer in the world.... Dollar steady LONDON, June 25: The dollar rose slightly against the euro on Monday after data showed that US existing home sales fell in line with expectations in May, bolstering views that US interest rates will remain on hold later this week.... CPPs seek sale of excess power to industry LAHORE, June 25: The captive power producers (CPPs) have urged the government to allow them to sell their excess electricity to private, individual industrial consumers.... Black Sea leaders discuss economic ties ISTANBUL, June 25: The leaders of a dozen nations in the Black Sea region, including Russian President Vladimir Putin, met in Istanbul under tight security on Monday for a summit on trade, transport and energy cooperation.... OMV stakes in MOL increase VIENNA, June 25: Austrian oil and gas firm OMV has nearly doubled its stake in Hungarian peer MOL to 18.6 per cent and said on Monday it wanted a “combination” with MOL to better compete with larger rivals.... Avari Islamabad planned KARACHI, June 25: A hotel for Islamabad is planned at a projected cost of Rs4.779 billion, and would be financed through Rs3.750 billion term finance certificates (TFC).... New EU fund BRUSSELS, June 25: The European Commission on Monday approved the first two payments of cash from a new EU fund aimed at cushioning the impact of globalisation.... India plans to manufacture cheap cars MUMBAI, June 25: Trading a motorcycle for a car in India has long been too expensive for many, but manufacturers plan to offer models at $3,000 or less to attract new buyers, analysts say.... Prices stay firm on cotton market KARACHI, June 25: Prices on the cotton market on Monday stayed firm owing to slow phutti arrivals into ginneries as growers in the lower Sindh cotton belt had suspended picking operations due to rains.... Vietnam eyes 8-10pc growth SINGAPORE, June 25: Vietnam, already growing at one of the fastest rates in the world, is set to continue that momentum for several more years, a senior government official said.... US existing home sales plunge WASHINGTON, June 25: Sales of existing US homes fell in May to their lowest level in four years, dashing hopes for a rebound in the struggling property market, an industry report showed on Monday.... Spanish trade deficit increases MADRID, June 25: Spain''s trade deficit, one of the highest in the 13-nation euro zone, rose 11.3 per cent to 7.66 billion euros ($10.32 billion) in April from a year earlier, the industry ministry said on Monday.... Zimbabwe to localise company ownership HARARE, June 25: President Robert Mugabe''s government is seeking to transfer majority control of “public companies and any other business” to black Zimbabweans, a move critics say could deepen the country''s economic crisis.... Move to shift Brazil factory to China CHONGQING (China), June 25: Buy a factory in Brazil and move it to China. It is a plan that is as simple as it is sweeping in its sheer scale and... International role of euro differs, says ECB FRANKFURT, June 25: The European Central Bank said on Monday that the international role of the euro has become differentiated, depending on the particular global market segment being looked at.... Indian aid to boost quality tea output GUWAHATI (India), June 25: India on Monday began distributing $1.2 billion in aid to help tea planters facing a decade-long slump in tea prices caused by stiff competition in the global market.... Asian stocks lower HONG KONG, June 25: Asian stocks followed Wall Street''s lead and closed mostly lower on Monday amid renewed fears over the housing market in the United States.... Malaysian palm oil down KUALA LUMPUR, June 25: Malaysian crude palm oil futures edged lower in thin trade on Monday, pressured by a decline in prices of rival soyabean oil and faltering export demand.... European stock markets fall LONDON, June 25: European equities fell on Monday following a heavy sell-off on Wall Street before the weekend, and as dealers digested the London Stock Exchange''s takeover bid for Borsa Italiana.... Gold declines LONDON, June 25: Gold prices slipped on Monday as weakness in oil prices, base metals and equities prompted bullion investors to lock in profits, analysts said.... Conversion rates KARACHI: The following are June 26 State Bank conversion rates for foreign currency deposits, dollar bearer certificates, foreign currency bearer certificates, and special US dollar bonds....

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