DAWN - Business; July 25, 2007

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July 25, 2007	Wednesday	Rajab 09, 1428

Cut in output cost vital to compete globally: Employment policy ISLAMABAD, July 24: Pakistan will have to reduce the cost of production and make it comparable with the competitors in order to penetrate and raise its share in the global export market, says the draft of the National Employment policy....		‘SBP may revoke export refinance scheme’ KARACHI, July 24: The State Bank of Pakistan (SBP) may revoke the concessionary scheme of export refinance and instead ask the scheduled banks to arrange funds from their own source for the export trade, business circles said on Tuesday....

Foreign investors to acquire Saudi Pak KARACHI, July 24: Another locally incorporated bank, Saudi Pak Commercial Bank, is in the process to be taken over by a consortium of foreign investors. Shaukat Tareen, who is leading the...		G-20 hopes farm proposals may break impasse ISLAMABAD, July 24: The G-20 group of developing countries including Pakistan has welcomed the draft modalities for agriculture saying the text is a good starting point for further work on farm negotiations in September next....

Stocks undergo technical correction KARACHI, July 24: After having recovered over 500 points during the last couple of sessions, the KSE 100-share index on Tuesday underwent a technical correction shedding 107 points but larger decline...		IFC signs pact to improve house financing ISLAMABAD, July 24: The International Finance Commission (IFC) on Tuesday signed an agreement with the State Bank of Pakistan to launch a housing finance training programme in Pakistan....

China blocks US, Mexico bid for WTO action: Subsidies GENEVA, July 24: China on Tuesday followed standard WTO practice by blocking a first US and Mexican request to set up a World Trade Organisation panel to examine allegedly illicit Chinese industrial subsidies....		Euro improves record against dollar LONDON, July 24: The euro surged to another record against the dollar here on Tuesday as the greenback continued to suffer from investor anxiety over the health of the US housing market and its effect on the broader economy....

US-China economic talks WASHINGTON, July 24: US Treasury Secretary Henry Paulson will travel to China to open talks on Sunday on a variety of economic and trade issues, his office announced on Tuesday....		HBL’s initial public offering from tomorrow ISLAMABAD, July 24: The Privatisation Commission has conducted road shows presentation for the offer for the sale of shares of Habib Bank Limited (HBL) in Karachi and Lahore.An...

Oil prices slide LONDON, July 24: World oil prices fell sharply on Tuesday, retreating further from near record peaks owing to an improved outlook for energy supplies, traders said....		PC appoints consortium for GDRs of NBP ISLAMABAD, July 24: The board of the Privatisation Commission on Tuesday decided to appoint a consortium of Deutsche Bank, Morgan Stanley and AKD Securities as financial adviser for the National Bank of Pakistan (NBP) Global Depositary Receipts (GDRs) transaction....

Task force for pharma industry ISLAMABAD, July 24: Pakistan offers attractive incentives for investment in pharmaceutical sector and investors should take advantage of the investors’ friendly-policy, Minister for Health Muhammad Nasir Khan said on Tuesday....		Lint prices rise on damage reports KARACHI, July 24: Firm conditions were again witnessed on the cotton market on Tuesday where new crop prices were quoted further higher by Rs25 to Rs40 per maund....

Karachi Port operations KARACHI, July 24: Nine ships carrying containers, general cargo and coal are due to arrive at the outer anchorage on Wednesday, according to KPT sources. Berthing activity at the wharves was...		Port Qasim KARACHI, July 24: Three ships to load and offload containers and chemicals were accommodated berths at QICT and EVT during the last 24 hours, said a PQA press release on Tuesday....

European stocks LONDON, July 24: European stocks fell sharply on Tuesday following a weak opening on Wall Street and as some investors worried that US housing sector woes could spread to Europe....		BP oil output drops again LONDON, July 24: The new boss of BP on Tuesday demanded vast improvement at the world’s third biggest oil group after reporting that energy output slid for an eighth straight quarter on US refinery woes....

Consumer spending PARIS, July 24: French household spending on manufactured goods edged higher in June but economists warned that the longer-term trend pointed to weaker consumption this year and sluggish economic growth....		Tajikistan opens its market to foreign banks DUSHANBE, July 24: The central Asian state of Tajikistan has decided to open its financial market to foreign banks, having kept them at arms length for years, in a move hailed by the World Bank....

Asian stock markets higher HONG KONG, July 24: Asian stocks markets closed higher on Tuesday, with more records tumbling as investors bet that upcoming company results will keep the advance going strong, dealers said....		Malaysian palm oil climbs KUALA LUMPUR, July 24: Malaysian crude palm oil futures jumped 1.8 per cent on Tuesday as India reduced import tariffs on edible oil, boosting hopes that palm oil shipments to the South Asian nation would rise....

Conversion rates KARACHI: The following are July 25 State Bank conversion rates for foreign currency deposits, dollar bearer certificates, foreign currency bearer certificates, and special US dollar bonds....		Company news MOSCOW: The US pharmaceutical giant Pfizer said on Tuesday it was considering opening a factory in Russia in the light of growing economic stability in the country....