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July 22, 2007 Sunday Rajab 06, 1428 Current account deficit up by 41pc KARACHI, July 21: Current Account deficit reached record high in the fiscal 2006-7 posing another challenge to the economic managers already under pressure for not doing enough to prop up the country’s exports.... Mango export target to exceed by 20,000 tons ISLAMABAD, July 21: Pakistan is likely to cross the mango export target of 115,000 tons set for the current fiscal year by an additional 20,000 tons to be shipped in the next three months....   Spinners cry foul over unfair treatment LAHORE, July 21: The All Pakistan Textile Association (APTA) has criticised the State Bank of Pakistan and the textile ministry for putting all their focus on the processing industry and refusing to appreciate the crisis-like situation in the spinning industry.... EU terms new tariff cuts too tough MADRID, July 21: New draft texts on agriculture and industry are a step forward in world trade talks but the range of tariff and subsidy cuts they propose are too tough, European Union Trade Commissioner Peter Mandelson said.... Oil price may touch $90 per barrel this autumn RIYADH, July 21: Pundits believe that another round of crude price spiral is just round the corner. A Goldman Sachs report says the US crude prices could top $90 a barrel... Kuwaiti Islamic bank in Britain KUWAIT, July 21: Kuwait''s Securities House said on Saturday it wanted to start an Islamic bank in Britain to tap demand among the country''s 1.8 million Muslims for investments that comply with their beliefs.... Japan automakers halt output after quake TOKYO, July 21: All of Japan''s eight carmakers have announced short-term plans to suspend production at all or some domestic factories after the country''s top supplier of piston rings was hit by an earthquake on July 16.... Zimbabwe on way to nationalise private firms HARARE, July 21: Zimbabwe''s government has set up a state company to seize control of private local and foreign firms that President Robert Mugabe''s administration says are engaging in “economic sabotage” in a bid to end his rule.... China aims to limit lending growth BEIJING, July 21: China is aiming to keep growth in lending to within 15 per cent this year to help keep the economy from overheating, local media on Saturday cited the head of the banking regulator as saying.... Pak-China investment company established ISLAMABAD, July 21: Pak-China Joint Investment Company (PCJIC) was established here on Saturday with a paid-up capital of $200 million which would come into operation from next month.... TDAP to hold exclusive fairs for buyers KARACHI, July 21: The Trade Development Authority of Pakistan (TDAP) on Saturday discussed ways and means to explore new markets and promote country''s exports in the light of new trade policy 2007-08.... Satellite images to detect tax frauds BUENOS AIRES, July 21: Argentina''s tax authorities are using satellite images generated on the Internet by Google Earth to track down fraud, local media said. According to Buenos Aires province tax... Buying Siemens’ stake FRANKFURT, July 21: French President Nicolas Sarkozy plans to make use of an option to buy out Germany’s Siemens stake in its joint venture with state-controlled nuclear group Areva and forge a major national energy company, a German magazine reported.... EU ‘golden share’ system against takeovers proposed ROME, July 21: The EU should consider creating a ''golden share'' system to protect strategic sectors from takeover by foreign state-controlled investment funds, Trade Commissioner Peter Mandelson was quoted as saying in a Saturday newspaper.... Google may bid for US wireless airwaves WASHINGTON/NEW YORK, July 21: Google Inc said on Friday it would take part in a major auction of wireless spectrum airwaves, meeting a minimum required bid of $4.6... Trading accelerates on cotton market KARACHI, July 21: Trading activity on the cotton market on Saturday picked up as spinners resumed their normal covering operations after apparently having assessed the impact of the new trade policy on the textile sector.... Two UK insurers in merger talks LONDON, July 21: British insurers Resolution Life and Friends Provident are in early merger talks that could lead to the creation of a group worth over 8 billion pounds ($16.4bn),... Mauritius to benefit from cheap Chinese loans PORT LOUIS, July 21: Mauritius is set to benefit from $113 million in cheap Chinese loans and grants to develop roads and communications, the Indian Ocean island’s prime minister said on Saturday.... Bridge loans becoming a bridge too far? NEW YORK, July 21: Banks that offered cheap short-term financing for private equity deals made hay for years, but some of those loans are now costing lenders more than they expected.... China finds $1.2bn in shady loans BEIJING, July 21: China’s auditing watchdog has found that three major banks had extended more than 9.3 billion yuan ($1.2bn) in questionable loans since 2002, according to the official Xinhua news agency.... Karachi Port operations KARACHI, July 21: Seven ships carrying containers and to load cement are expected to arrive at the outer anchorage on Sunday, according to KPT sources. Berthing activity at the wharves was... Port Qasim KARACHI, July 21: Three ships to load/offload containers and furnace oil were allotted berths at the QICT and FOTCO Terminal during the last 24 hours, said a PQA press release on Saturday.... Proton, VW move closer on partnership KUALA LUMPUR, July 21: Malaysia’s national carmaker Proton Holdings Bhd and Germany’s Volkswagen have moved a step closer to a partnership deal after recent talks, a Malaysian newspaper reported on Saturday.... EU seeks cuts at Poland’s shipyard BRUSSELS, July 21: The European Commission gave Poland''s Gdansk shipyard a month from Friday to either cut capacity or return subsidy money, a move which threatens to push the home of anti-Communist movement Solidarity to bankruptcy.... World oil prices edge to new high LONDON, July 21: World oil prices soared close to record heights this week, energised by concerns over tight global supplies and keen demand led by the United States and China.... Euro at record high against dollar NEW YORK, July 21: The European single currency soared to a new record high against the dollar on Friday as the US currency continued to be undermined by housing market worries.... ABN CEO says merger with Barclays better AMSTERDAM, July 21: Barclays would make a better merger candidate with ABN AMRO than a bid by a group led by Royal Bank of Scotland aimed at breaking up the Dutch... NY cotton ends at 3-week low NEW YORK, July 21: Cotton futures settled on Friday at a three-week low on speculative fund and options-linked sales as the market continued pulling back from a recent rally which hoisted values to a 3-1/2-year top, analysts said.... Gold hits 10-week high NEW YORK, July 21: Gold rallied to a 10-week high on Friday, capping a week with solid gains, fueled by renewed fund buying, a weakening dollar and as investors sharply increased holdings of bullion held by gold exchange-traded funds (ETF).... Wall Street tumbles day after 14,000 Dow record NEW YORK, July 21: Wall Street fell hard on Friday as disappointment over quarterly reports from tech giants Google and Microsoft prompted a pullback a day after the Dow blue-chip index topped 14,000....

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