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July 13, 2007 Friday Jamadi-us-Sani 27, 1428 Trade gap jumps to $14bn in 2006-07 KARACHI, July 12: Official international trade statistics for the month of June 2007 and for entire fiscal 2006-07 have been delayed because of the location of Pakistan Revenue Automated Limited (PRAL) in the vicinity of Lal Masjid and curfew area.... US moves WTO against China on subsidies WASHINGTON, July 12: The United States on Thursday requested a formal WTO hearing on Chinese industrial subsidies that US officials said violated global trading rules....   Oil price crosses $77 level on supply jitters LONDON, July 12: The price of Brent North Sea crude oil breached $77 per barrel on Thursday as tight US energy supplies and geopolitical jitters in Nigeria fuelled speculative buying, traders said.... 1,733 companies registered in April-June ISLAMABAD, July 12: The Securities and Exchange Commission of Pakistan (SECP) has registered 1,733 companies during the last quarter of the current financial year. According to official figures released here... Stocks stage strong rebound on foreign buying KARACH, July 12: Stocks on Thursday staged a decisive rebound as investors made strong covering purchases under the lead of some foreign funds on the perception that the market has already... Pakistan to help Tunisia in textile ISLAMABAD, July 12: Minister for Textile Industry Mushtaq Ali Cheema said on Thursday Pakistan would extend technical support to Tunisia in developing its textile industry.... OGDC gets exploration licence ISLAMABAD, July 12: The government on Thursday granted petroleum exploration license to Oil and Gas Development Company (OGDCL) for Shaan (Block No. 3069-4). The Shaan block lies in Qila Saifullah, Zhob and Musa Khel districts in Balochistan (Zone II).... State Bank’s directive to facilitate pensioners KARACHI, July 12: The State Bank has directed the National Bank and Habib Bank to extend all possible facilities to pensioners in order to alleviate their difficulties in receiving pensions from banks’ branches.... PVMA urges review of subsidy at USC ISLAMABAD, July 12: Pakistan Vanaspati Manufacturers Association (PVMA) has urged the government to re-examine the subsidy system introduced through Utility Stores Corporation (USC).... BP pulls out of PSO bidding KARACHI, July 12: BP Plc said on Thursday it had withdrawn from a consortium bidding for a 51 per cent stake in Pakistan State Oil after a “regular review” of its global refining and marketing business.... Banks urged to install machines to detect fake currency KARACHI, July 12: The State Bank advised all banks on Thursday to install necessary equipment and machines for detection of fake currency. “The menace of counterfeiting like other crimes needs to... Dollar, yen record low against Euro LONDON, July 12: The euro hit another record high close to $1.38 on Thursday, boosted by US housing concerns amid a political stand-off between France and Germany over the European currency''s soaring value.... Reserves KARACHI, July 12: Pakistan''s foreign exchange reserves, which set a record high level at $15.6 billion at the end of June, 2007, registered another increase of $15.60... Investment BEIJING, July 12: Foreign direct investment into China in June hit $6.63 billion, a rise of 21.9pc from a year ago, government data showed on Thursday.... Gazprom chooses Total as partner: Shtokman gas field MOSCOW, July 12: The Russian gas monopoly Gazprom chose French oil major Total on Thursday to help develop its giant Shtokman gas field, in an apparent breakthrough for troubled Russian-EU energy relations.... US trade gap swells on oil, China imports WASHINGTON, July 12: The US trade deficit rose in May to $60 billion as Americans imported more oil and other goods, especially from China and other Asian economies, the Commerce Department said on Thursday.... Buying spree continues on cotton market KARACHI, July 12: Active trading was witnessed on the cotton market on Thursday as spinners and mills lifted all the new crop lots offered by the central Punjab ginners below Rs3,100 per maund.... BoJ leaves interest rates unchanged TOKYO, July 12: The Bank of Japan on Thursday left its super-low interest rates on hold for a sixth straight meeting, opting to wait for further evidence that the economic recovery is taking root.... Wholesale prices surge in June ISLAMABAD, July 12: The Wholesale Price Index (WPI) increased by 6.94 per cent during the fiscal year 2006-07 over the last year. Official figures released here by Federal Bureau of Statistics... FBR conferences begin on Monday ISLAMABAD, July 12: The Federal Board of Revenue (FBR) has convened first quarterly conferences of its field officers from next week. An official announcement issued here on Thursday said that the conferences to be headed by FBR chairman M.... Karachi Port operations KARACHI, July 12: Four ships carrying containers and to load cement and ethanol are due to arrive at the outer anchorage on Friday, according to KPT sources.... Port Qasim KARACHI, July 12: Brisk berthing activity was witnessed at port where four ships to load/ offload containers and chemicals were accommodated berths during the last 24 hours, said a PQA press release on Thursday.... EU tightens controls on waste shipments BRUSSELS, July 12: The European Union tightened controls on shipments of waste on Thursday aiming to prevent the dumping of toxic products blamed for causing health and environmental problems in Africa and Asia.... FTA with China SINGAPORE, July 12: It may take one to two years for Singapore to conclude an FTA with China based on the city-state''s experience in negotiating with other countries, Deputy Prime Minister Wong Kan Seng has said.... Asian stocks close higher HONG KONG, July 12: Asian stocks closed broadly higher on Thursday after a rebound on Wall Street in response to increased takeover activity which enticed investors back into the markets.... European shares steady LONDON, July 12: Europe''s main stock markets held steady on Thursday after recent heavy losses, as investors looked to miner Rio Tinto''s mammoth 38.1-billion-dollar takeover for Alcan, dealers said.... Palm oil up KUALA LUMPUR, July 12: Malaysian crude palm oil futures ended 1.2 per cent higher on Thursday as concerns over tight supply and expectations the US government would lower its estimates for soybean closing stocks lifted the market.... Karachi market rates KARACHI, July 12: The following were Thursday’s commodity market rates in rupees.... Company news KARACHI: Oracle has introduced Oracle Database 11g. With more than 400 features, 15 million test hours and 36,000 person-months of development, Oracle Database 11g is the most innovative and highest quality software product, Oracle has ever announced, says a press release.... Conversion rates KARACHI: The following are July 13 State Bank conversion rates for foreign currency deposits, dollar bearer certificates, foreign currency bearer certificates, and special US dollar bonds....

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