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July 12, 2007 Thursday Jamadi-us-Sani 26, 1428 SBP shifts 20-30pc POL import bill to banks: Huge forex inflows KARACHI, July 11: After three years the State Bank has decided to partially off-load the burden of import bills of petroleum products and passed it on to the private sector, which could cause an impact of $2.3... Divergent views on business activities KARACHI, July 11: Traders of various markets offered conflicting views on buyers’ turnout and sales volume on Wednesday after the killing of Maulana Abdul Rasheed Ghazi in an army operation at Lal Masjid on Tuesday....   Special fund to finance capacity building ISLAMABAD, July 11: A 20-year “Special Fund” is being established at the State Bank of Pakistan (SBP) to provide a long-term source of funds for capacity building initiatives of various stakeholders, including government organisations, regulatory authorities, retailers and potential clients.... Sindh govt absorbs 3,714 internees KARACHI, July 11: The Sindh government has so far placed over 3,714 post-graduates in various departments under the National Internship Programme (NIP) and is set to accommodate third batch due this month.... Stocks recover overnight losses in cautious trading KARACHI, July 11: Share market on Wednesday shrugged off the overnight hesitancy and resisted fresh fall as a section of investors covered positions at the lower levels in some of the pivotals aided by reports of higher corporate earnings.... Annual inflation swells to 7.7pc ISLAMABAD, July 11: The annual inflation has surged to 7.77 per cent by end June 2007 as against the target of 6.5 per cent owing mainly to significant price hike in... Capital markets day in New York KARACHI, July 11: The Central Depository Company of Pakistan (CDC) observed Pakistan Capital Markets Day in New York on Wednesday in collaboration with Citibank and Pakistani brokerage firms Invest-Cap Securities and AKD Securities.... Committee to finalise copper project pact QUETTA, July 11: A steering committee has been formed to review and finalise the draft of the mineral agreement prepared by Tethyan Copper Company to be signed with the governments of... Easy-exit scheme launched for 4 months ISLAMABAD, July 11: To facilitate the business community the Securities and Exchange Commission of Pakistan (SECP) has restarted the Companies Easy Exit Scheme (CEES) for a period of four months from July 15 to November 15, 2007.... ZTBL exceeds recovery, disbursement targets ISLAMABAD, July 11: Zarai Taraqqiati Bank (ZTBL) has surpassed the recovery and disbursement targets during the first six months of this calendar year. The bank recovered Rs36.4... Oil prices ease as US reserves show rise LONDON, July 11: World oil prices eased back from recent highs on Wednesday on news that US gasoline, or petrol, reserves surged higher than expected last week.... OIBP okays 200pc rights issue KARACHI, July 11: Board of Orix Investment Bank has approved a 200 per cent Rights Issue (two shares for every one share held) at par, which will increase its paid up... US trims budget deficit forecast WASHINGTON, July 11: The White House on Wednesday cut its forecast for the federal budget deficit this year to $205 billion, saying an expanding economy will boost tax revenues.... Housing woes rekindle fears for US economy WASHINGTON, July 11: Fresh troubles in the subprime segment of the US housing market have ignited fears of contagion that could affect the financial sector and possibly the broader economy, analysts say.... Lint prices maintain firm outlook KARACHI, July 11: Cotton market on Wednesday maintained firm trend as spinners and mills made hectic efforts to grab the floating stock but price ideas of sellers and buyers failed to find a meeting ground, floor brokers said.... Chinese firms barred from using chemicals BEIJING, July 11: China has banned toothpaste companies from using diethylene glycol — also used in antifreeze — after a number of countries banned products, the official Xinhua news agency reported on Wednesday.... 24 dumping inquiries initiated ISLAMABAD, July 11: The National Tariff Commission (NTC) has initiated 24 anti-dumping investigations during the last few years in order to provide protection to the local industries.... Investment to tap mineral resources sought ISLAMABAD, July 11: Prime Minister Shaukat Aziz has said the proposed project of $700 million by the Tethyan Copper Company (TCC) in Balochistan reflects the confidence of foreign investors to invest in Pakistan.... Karachi Port operations KARACHI, July 11: Eight ships carrying palm oil and to load cement and molasses are due to arrive at the outer anchorage on Thursday, according to KPT sources.... PIA’s accord with Hashoo Group KARACHI, July 11: Pakistan International Airlines (PIA) and Destinations of the World - Pakistan, a Hashoo Group company, have entered into an alliance to facilitate PIA passengers in ground services throughout national carrier''s network.... Wind power plant KARACHI, July 11: Siemens Pakistan Engineering Company and New Park Energy Limited (NPEL) have signed a contract for the supply of electrical part on turnkey basis for NPEL 50MW wind power project near Gharo.... Asian stocks close lower HONG KONG, July 11: Asian stocks closed lower on Wednesday as selling escalated after Wall Street''s weak performance on the back of profit warnings and a lack of direction over the next moves on interest rates.... Euro higher against dollar LONDON, July 11: The euro briefly struck a record pinnacle against the dollar on Wednesday amid US housing market concerns and the prospect of rising interest rates in the eurozone, dealers said.... Gold hits one-month high LONDON, July 11: Gold rose to its highest level in more than one month on Wednesday on a weak US dollar and dealers said the metal was gaining momentum to hit new highs.... European shares tumble LONDON, July 11: Europe''s main stock markets dived lower on Wednesday as fears about the troubled US housing sector reverberated across global equities, dealers said. London''s FTSE 100 index of leading shares fell 0.52... Company news KARACHI: Paktel — a China mobile company has set new record for coverage expansion by shortening the time from one year to five weeks, says a press release....

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