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August 03, 2007 Friday Rajab 18, 1428 SBP refuses to accept exporters’ demand: Raise in discount rate KARACHI, Aug 2: State Bank Governor Dr Shamshad Akhtar said on Thursday that the economy was under tremendous pressure and, therefore, it was necessary to follow a tight monetary policy to... Greater role for State Bank, SECP sought ISLAMABAD, Aug 2: The newly-approved “Industrial Vision” urges the government to restructure and strengthen non-banking finance companies to make them an integral part of financial services industries....   Sell-off programme put on the back burner: Political uncertainty ISLAMABAD, Aug 2: The privatisation programme, particularly involving major ownership transfers, is likely to be put on the back burner for quite sometime as the political activities gear up ahead of general elections, it is learnt.... SECP trying to replace LSE chief with a ‘favourite’ LAHORE, Aug 2: The Securities and Exchange Commission of Pakistan (SECP) is trying hard to force Lahore Stock Exchange (LSE) chairman Hamaish Khan to step down from his office allegedly to... Stocks recover overnight losses with 81 points gain KARACHI, Aug 2: The share market on Thursday recovered from the overnight lower levels as investors resumed normal trading activity but buying support lacked aggressiveness associated with a bull run. The... No plan for issuing currency notes ISLAMABAD, Aug 2: State Minister for Finance Omar Ayub Khan on Thursday informed the National Assembly that the government had no plan for printing currency notes to finance its budget deficit.... BoE pegs key interest rate at 5.75pc LONDON, Aug 2: The Bank of England left British interest rates at 5.75 per cent on Thursday as the central bank took stock of five quarter-point hikes in the last 12 months that were aimed at calming inflation.... ECB leaves key rate unchanged FRANKFURT, Aug 2: European Central Bank president Jean-Claude Trichet hinted strongly on Thursday that the bank’s key interest rates would be raised in September. The ECB’s top officials left the important refinancing rate unchanged at 4.0... China says 99pc of its exports are safe BEIJING, Aug 2: China insisted on Thursday that more than 99 per cent of its exports were safe as US giant Fisher-Price announced it was recalling nearly one million Chinese-made toys over fears they might be toxic.... Wapda plans $1 billionIslamic bond KARACHI, Aug 2: The Water and Power Development Authority is considering issuance of an international Islamic bond or Sukuk, worth up to $1 billion, a senior official said on Thursday.... Meeting finalises offering of NBP GDR KARACHI, Aug 2: The Privatization Commission finalised the offering of National Bank of Pakistan shares in the international market in a meeting held in Karachi under the chairmanship of Zahid Hamid, federal minister for privatization and investment.... Pending refunds ISLAMABAD, Aug 2: The Federal Board of Revenue (FBR) has asked all adjudication officers to release pending refunds of textile exporters by the end of the current month.... US crude stocks drop despite higher Opec output RIYADH, Aug 2: Despite hike in Opec oil production during July, crude inventories in the United States hit a larger than expected drop, resulting in a new record high above $78 a barrel price in the global markets.... New crop prices rise on cotton market KARACHI, Aug 2: Cotton market on Thursday maintained a bullish outlook as new crop official spot rates were raised by another Rs50 per maund at Rs3,000.... Belarus to pay Russia to avoid gas cut-off MINSK, Aug 2: Belarus promised on Thursday to pay nearly half a billion dollars to Russia’s Gazprom to avoid a gas cut-off, while Gazprom expressed confidence a deal could be reached before the Friday deadline.... Traders asked to invest in S. Africa ISLAMABAD, Aug 2: Pakistan can increase export of traditional products, like surgical equipment, rice, sports goods to South Africa. Speaking to traders at the Islamabad Chamber of Commerce and Industry (ICCI)... Karachi Port operations KARACHI, Aug 2: Nine ships carrying steel scrap, containers and general cargo are due to arrive at the outer anchorage on Friday, according to KPT sources.... Marubeni wins UAE water-power project TOKYO, Aug 2: Japan’s Marubeni Corp said on Thursday it has won a contract to build and operate the largest water and power project in the United Arab Emirates in a consortium with Britain’s International Power Plc.... Dividend KARACHI, Aug 2: Safeway Fund Limited, the investment adviser for Safeway Mutual Fund Limited has announced that the Fund has approved the audited financial statements for the year ending June 30,... Microfinance KARACHI, Aug 2: A roundtable on ‘Microfinance - improving outreach and possible solutions to enterprise financing was organised on Thursday by the Centre for International Private Enterprise (CIPE), an affiliate of US Chamber of Commerce, says a press release.... Malaysian palm oil up KUALA LUMPUR, Aug 2: Malaysian crude palm oil futures rose 0.7 per cent on Thursday, driven by world markets recovering after days of volatility and firmer prices of soybean oil, traders said.... Gold drifts higher, likely to trade in ranges LONDON, Aug 2: Gold edged higher on Thursday as world stock markets rose and credit markets stabilised, but dealers said the metal might be confined to a range in the near term.... Reserves KARACHI, Aug 2: The total liquid foreign reserves held by the country stood at $15,791.8 million on July 28.... SBP mops up Rs15.7bn KARACHI, Aug 2: The State Bank of Pakistan sold Rs15.70 billion worth of treasury bills on Thursday through five-day repo contracts at 8.95 per cent to mop up funds from the money market.—Reuters... Karachi market rates KARACHI, Aug 2: The following were Thursday’s commodity market rates in rupees.... Appointment KARACHI, Aug 2: Omar H. Karim has been appointed chairman of the Board of Governors of Commecs Institute of Business and Emerging Sciences, Karachi, for a period of four years with immediate effect.... Conversion rates KARACHI: The following are Aug 3 State Bank conversion rates for foreign currency deposits, dollar bearer certificates, foreign currency bearer certificates, and special US dollar bonds.... Company news KARACHI, Aug 2: Etihad Airways has increased Karachi to Abu Dhabi service to 11 weekly flights and is now offering daily flights from August 1....

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