DAWN - Business; July 08, 2007

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July 08, 2007	Sunday	Jamadi-us-Sani 22, 1428

Wheat hoarders reap bumper profit as people suffer KARACHI, July 7: The speculators, hoarders and profiteers have consolidated their position in the wheat and wheat flour market to manipulate it their way and reap rich profits as people in...		WB proposes mergers, acquisitions division ISLAMABAD, July 7: The World Bank has asked the government to create a new `mergers and acquisitions division’ to ensure transparency and prudent business practices by banks, corporate giants and other companies....

PSMA seeks 3 months delay in crushing KARACHI, July 7: With a huge opening inventory of around 1.02 million tons of white refined sugar with the industry the new crushing season (2007-08) is likely to be delayed by around three months....		Chinese firm to set up coal-fired power plant KARACHI, July 7: The Chinese Mechanical Engineering Company, CMC, wants to set up a 375MW coal-fired power plant at Sonda in Thatta district. The company has started the process of getting support from relevant departments to launch the project....

JS ABAMCO declares payouts for eight funds KARACHI, July 7: JS ABAMCO Limited, formerly ABAMCO Limited, on Saturday announced dividend payout totalling Rs2.103 billion for eight of its open-end funds for the fiscal year ended June 30, 2007....		Stronger yuan may hurt US consumers NEW YORK, July 7: Pushing China into allowing a faster appreciation of the yuan has consequences for Americans looking for cheaper products and low interest rates even as it helps US companies compete globally and protects local jobs....

Pakistan Capital Markets Day at LSE KARACHI, July 7: The Central Depository Company of Pakistan (CDC) in collaboration with the London Stock Exchange and the sponsors organised an event named ‘Pakistan Capital Markets Day’ on Saturday at the LSE....		CFS rates show modest fall KARACHI, July 7: The CFS rates on the Karachi Stock Exchange last week showed a modest decline and finally closed around 12 per cent as money supply position eased, analysts said....

Selection process for new IMF chief WASHINGTON, July 7: The International Monetary Fund executive board will meet on Monday to consider the selection process for a successor to IMF chief Rodrigo Rato, a spokeswoman said on Friday....		Prices of 22 kitchen items rise ISLAMABAD, July 7: The price of 22 essential kitchen items went up during the week ending July 6 over the previous week, according to the weekly price data released by the Federal Bureau of Statistics (FBS) here on Saturday....

FBR plans to collect tax numbers ISLAMABAD, July 7: The Federal Board of Revenue (FBR) has decided to conduct a data-cleansing exercise primarily to collect National Tax Numbers (NTN) from those sales tax registered persons....		Lint prices firm up on panic buying KARACHI, July 7: Cotton prices on Saturday maintained their upward drive as spinners and mills haunted by reports of a short supply continued to make panic buying....

NTC receives review application ISLAMABAD, July 7: The National Tariff Commission (NTC) has received an application for reviewing the continuation of the anti-dumping duty imposed on dumped imports of flat-rolled products of iron or non-alloy steel from South Africa....		First Habib Income Fund KARACHI, July 7: The board of directors of the Habib Asset Management Limited, the fund manager of First Habib Income Fund, in their meeting on July 6 declared a bonus dividend at the rate of 1.5...

US praises Indian move WASHINGTON, July 7: The United States on Friday welcomed as “positive” India''s announcement that it would reduce some duties on alcoholic beverages following a WTO complaint....		World oil prices ten-month highs LONDON, July 7: World oil prices surged to ten-month highs this week on global supply concerns, while lead hit a new all-time peak and cocoa struck the highest point for four years owing to unrest in Ivory Coast....

NY cotton sets contract highs, helped by USDA data NEW YORK, July 7: Cotton futures ended strong on Friday, posting a new contract peak and roaring to 3-1/4 year highs, and while traders said the tops were in overnight, the weekly US exports report sustained the support....		Canadian dollar surges TORONTO, July 7: The Canadian dollar hit a 30-year high against the greenback on Friday, propelled by strong employment data, surging oil prices and expectations of higher interest rates....

Dollar drops despite strong jobs NEW YORK, July 7: The dollar dropped on Friday to near-record lows against the euro as a strong US employment report failed to allay traders'' concerns about the state of the world''s biggest economy....		US stocks higher NEW YORK, July 7: US stocks higher on Friday after a government report revealed solid US job growth last month and that hiring was more robust in April and May than initial forecasts had suggested....

Trade bodies polls put off ISLAMABAD, July 7: The commerce ministry has postponed the elections of all trade organisations for another three months. An official announcement said the elections are now scheduled to commence in October and will be completed before Dec 31, 2007....		CBOT NEW YORK, July 7: A bitterly contested battle for the Chicago Board of Trade headed for the final stretch this weekend as a vote loomed Monday on plans for the fast-growing futures market....