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August 02, 2007 Thursday Rajab 17, 1428 Banks asked not to change loan margin KARACHI, Aug 1: Banks are involved in over-charging the borrowers as they change the floating rate or include a clause in agreement with a customer, which allows them to increase interest rate.... Consumers feel pinch of fresh price hikes KARACHI, Aug 1: As Ramazan is approaching the consumers’ purse has begun squeezing as prices of all food items, barring some vegetables, including flour, pulses, fresh and powered milk, ghee and cooking oil, poultry items etc.,...   Businessmen seek changes in monetary policy KARACHI, Aug 1: Businessmen and industrialists appear dissatisfied with the monetary policy announced by the State Bank’s Governor Dr Shamshad Akhtar on Tuesday and they have sought changes to the policy for the betterment of economy and for boosting exports.... Blueprint to develop textile sector: Industrial vision ISLAMABAD, Aug 1: The Cabinet on Wednesday approved the much-delayed “Technology-based Industrial Vision and Strategy for socio-economic development,” which sought to provide appropriate incentives by the government to transform the textiles... Discount rate hike triggers profit-taking on KSE KARACHI, Aug 1: The 0.5 per cent increase in discount rates to 10 per cent halted the share market’s upward drive on Wednesday as investors took profits on the perception that... Trade pact, deals to boost cooperation with China ISLAMABAD, Aug 1: Prime Minister Shaukat Aziz has said that the signing of free trade agreement, cooperation agreement and establishment of Pak-China Joint Investment Company will further boost bilateral trade and enhance economic cooperation between the two countries.... Action against shipping firms urged: Change of cargo title KARACHI, Aug 1: The Federal Tax Ombudsman (FTO) has directed the Federal Board of Revenue (FBR) to initiate action against shipping companies and freight forwarders and make some systemic changes to... Good returns to continue wooing investment KARACHI, Aug 1: Security concerns are real but as long investors continue to get good returns on their investment in Pakistan the strong trend of foreign direct investment will persist.... Russia to cut gas supplies MOSCOW, Aug 1: Russia threatened on Wednesday to cut gas supplies to Belarus from Friday unless it pays nearly $500 million in debt, prompting urging from the European Union for a swift resolution.... Discount rate hike to make borrowing costly KARACHI, Aug 1: The spiraling impact of discount rate hike changed the interest rate scenario as the money became more costly for borrowers on Wednesday. The State Bank increased the discount rate by 0.5... Time, demand liabilities redefined KARACHI, Aug 1: The State Bank has changed the definition of `time and demand liabilities’ to facilitate banks. According a circular, the SBP decided to revise the cash reserve requirement (CRR)... 12 items contribute over 40pc sales tax ISLAMABAD, Aug 1: The Federal Board of Revenue (FBR) has raised more than 40 per cent sales tax just from 12 products during the fiscal year 2006-07 indicating a poor enforcement of the value-added tax in the country.... Prices keep rising on cotton market KARACHI, Aug 1: Cotton market on Wednesday maintained a bullish trend as ginners further raised their asking prices after spinners and mills increased their intake. As a result, some of the... Oil hits record high on renewed supply fears LONDON, Aug 1: The price of New York oil soared to a record high of $78.77 a barrel on Wednesday, as plunging US crude inventories stoke fears about stretched energy supplies around the world, traders said.... Euro stabilises against dollar on weak US data LONDON, Aug 1: The euro stabilised against the dollar on Wednesday after two US economic indicators came in weaker than expected. In late European deals the euro was changing hands at $1.3679,... Karachi Port operations KARACHI, Aug 1: Over a dozen ships carrying DAP fertiliser, rock phosphate and to load molasses and cement are due at the outer anchorage on Thursday, according to KPP sources.... US economic support plan for Pakistan KARACHI, Aug 1: The United States is putting in motion a 15-year long term programme of economic support for Pakistan which has never been one for any country in the region.... SBP takes notice of violations by banks KARACHI, Aug 1: The State Bank has taken serious notice of violation of rules by banks, which are charging account holders exorbitantly for not maintaining the minimum balance with the bank.... Rs49.1bn revenue collected ISLAMABAD, Aug 1: The Federal Board of Revenue (FBR) has collected Rs49.1 billion during the first month of the current fiscal year as against Rs46.2 billion collected during the same month of last year, indicating a growth of 6.27... SMEs resent raise in discount rate KARACHI, Aug 1: Small and medium-size enterprises have expressed disappointment at the increase in discount rate by the State Bank of Pakistan (SBP) in its monetary policy announced on Monday.... GSK shares climb LONDON, Aug 1: GlaxoSmithKline Plc shares gained four per cent on Tuesday after a US advisory panel recommended its diabetes pill Avandia should stay on the market.... Asian stocks tumble HONG KONG, Aug 1: Asian stocks tumbled on Wednesday as the fallout from growing problems in US mortgages snagged one of Australia''s highest flying banks and stoked concerns over how much the debacle may ultimately cost.... European shares down LONDON, Aug 1: European stock markets plummeted on Wednesday, mirroring heavy losses the previous day in New York, on mounting fears that weakness in the US housing sector could infect the world economy.... Palm oil prices lower KUALA LUMPUR, Aug 1: Malaysian crude palm oil futures ended 0.9 per cent lower on Wednesday as concerns over rising supplies and a sharp decline in global markets pressured prices.... Karachi market rates KARACHI, Aug 1: The following were Wednesday’s commodity market rates in rupees.... Conversion rates KARACHI: The following are Aug 1 State Bank conversion rates for foreign currency deposits, dollar bearer certificates, foreign currency bearer certificates, and special US dollar bonds....

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