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July 29, 2007 Sunday Rajab 13, 1428 Commercial exporters grab lion’s share: Rebate for textile KARACHI, July 28: A Swiss-based internationally known consultancy firm — Gherzi — has proposed to ensure that the 6 per cent research and development rebate on textile exports should be given... Textile machinery imports down by 38 per cent ISLAMABAD, July 28: Export of textile and clothing products rose to $10.757 billion in the year 2006-07 as against $10.218 billion over the last year, indicating a marginal increase of 5.27...   Opec hints at pumping more crude RIYADH, July 28: Despite some hints of thaw within Opec on the issue of pumping still more crude into the markets in the wake of vociferous calls from all quarters, the cartel still appears reluctant.... Outflow of foreign exchange up 60pc: Dividends, profits KARACHI, July 28: Outflow of foreign exchange in the form of profits and dividends has sharply increased by 60 per cent during the fiscal 2006-7 turning the foreign investment into a liability for the country.... PM calls for prudent use of resources ISLAMABAD, July 28: Prime Minister Shaukat Aziz has said that the finance ministry has to reorient and modernise its working so that available resources are utilised in a prudent manner and the processes are made simple.... Call to liberalise economies KARACHI, July 28: Foreign Minister of Australia Alexander Downer has called for liberalisation of domestic economies by the countries of Asia Pacific region. Mr Downer, who is foreign minister for over... Prices of 17 kitchen items increase ISLAMABAD, July 28: Prices of 17 essential kitchen items went up during the week ending on July 27, over the previous week, according to the weekly price data released by the Federal Bureau of Statistics (FBS) on Saturday.... Bangladesh floats tender for wheat DHAKA, July 28: Bangladesh issued a tender on Saturday to import 112,000 tons of wheat by early October to meet domestic demand, food officials said. The tender will close on August 27, with validity up to September 16.... Saudi gold demand rises by 17pc in 2nd quarter DUBAI, July 28: Saudi Arabia gold sales rose almost 17 per cent in volume and 25 per cent in value in the second quarter of 2007, a senior World Gold Council official said on Saturday.... Petroleum imports up by 9.96pc in 2006-07 ISLAMABAD, July 28: Pakistan spent a hefty sum of $7.339 billion on import of petroleum products during 2006-07, showing an expansion of 9.96 per cent over the previous year’s figure of $6.674... China to step up energy saving drive BEIJING, July 28: China has announced plans to double spending on improving energy efficiency and slashing pollution, in an effort to combat its dismal environmental record.... FPCCI to participate in several trade fairs KARACHI, July 28: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) must explore new markets to boost the country''s exports. This was stated by FPCCI President Tanvir Ahmed Sheikh... Congress toughens stand on China with new law WASHINGTON, July 28: As Treasury Secretary Henry Paulson readies another China visit, US lawmakers are toughening their stand on Beijing by moving forward on legislation to punish countries with “misaligned” currencies.... Lint prices stay firm on selective buying KARACHI, July 28: Cotton prices on Saturday remained stable around the overnight levels as spinners and mills did not indulge in panic-buying and lifted only those lots which conform to their export parity levels.... Sudan exports 0.425m bpd of crude oil KHARTOUM, July 28: Sudan is exporting around 425,000 barrels per day (bpd) of crude and 30,000 tons a month of petroleum products, a senior oil ministry official said on Saturday.... Karachi Port operations KARACHI, July 28: Nine ships carrying containers, steel and to load cement are expected to arrive at the outer anchorage on Sunday, according to KPT sources.... Port Qasim KARACHI, July 28: Three ships scheduled to load and offload containers and edible oil were accommodated berths at QICT and MPT during the last 24 hours, said a PQA press release on Saturday.... Brazil hails WTO cotton ruling BRASILIA, July 28: Brazil welcomed on Friday a preliminary WTO report on US subsidies to its cotton growers, saying it upheld their complaint that Washington was not abiding by trade rules.... Thailand economic fundamentals strong: IMF BANGKOK, July 28: A decade after the 1997 Asian financial crisis, Thailand’s economy looks strong with robust fundamentals, the International Monetary Fund said on Saturday.... Chinese cars SHANGHAI/HONG KONG, July 28: The state parent of Dongfeng Motor Group Co., China''s third-biggest automaker, has set up a passenger vehicle subsidiary, paving the way for more aggressive development of the company’s own-brand cars.... New York oil price hits 11-month peak LONDON, July 28: The price of oil in New York soared nearer to its record high this week, but Brent crude oil ended lower on concerns that US economic troubles could spread to the global economy and dampen energy demand.... Karachi market rates KARACHI, July 28: The following were Saturday’s commodity market rates in rupees.... Company news MUMBAI: India’s largest bank, the State Bank of India, said o Saturday its net profit climbed 78.5 per cent in the first quarter thanks to strong loan growth.... Inflation KUWAIT, July 28: Kuwait’s annual consumer price inflation rose to 5.37 per cent in April from 5.15 per cent in March, driven by higher prices for food, clothing, housing and transport, government data showed on Saturday.... Trade pact ISLAMABAD, July 28: Pakistan will sign a preferential trade agreement (PTA) with Mauritius on Monday in a bid to increase bilateral trade between the two countries.... Conversion rates KARACHI: The following are July 30 State Bank conversion rates for foreign currency deposits, dollar bearer certificates, foreign currency bearer certificates, and special US dollar bonds....

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