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August 09, 2007 Thursday Rajab 24, 1428 Wapda forms company to raise Rs50 billion: 969MW project ISLAMABAD, Aug 8: The Water and Power Development Authority (Wapda) has set up the Neelum-Jhelum Hydroelectric Project Company (NJHPC) as a special purpose vehicle (SPV) to raise about Rs50 billion for... Body to discuss amendments in monopoly ord ISLAMABAD, Aug 8: The National Assembly’s Standing Committee on Finance and Revenue is meeting here on Thursday to discuss a proposal to amend the Monopoly Control Ordinance so as to award...   ADB links $400m loan to SECP restructuring: Market reforms ISLAMABAD, Aug 8: The Asian Development Bank (ADB) has linked the release of $400 million loan for the Pakistan’s second generation market reforms to institutional independence and capacity-building of the Securities... FPCCI identifies anomalies in budget KARACHI, Aug 8: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has identified anomalies in the 2007-08 budget — nine in customs, five in sales tax and one in income tax.... Stocks recover overnight losses KARACHI, Aug 8: Stocks on Wednesday staged a smart recovery as a section of leading investors including financial institutions covered positions at the lower levels on the blue chip counters and put the market back on the rails amid light trading.... Formal opening of commodity exchange today KARACHI, Aug 8: Businessmen are confused on receiving an invitation for the official inauguration of the National Commodity Exchange (NCEL) at the Governor’s House on Thursday at 2.30pm,... WB, Japan vow to fight poverty TOKYO, Aug 8: World Bank president Robert Zoellick pledged on Wednesday to work closely with Tokyo on efforts to assist poverty stricken nations ahead of the Group of Eight summit of world leaders in Japan next year.... Long-term policy to check food prices ISLAMABAD, Aug 8: The government is considering formulation of a long-term policy to keep prices of essential food items under control. It was the outcome of the first meeting of... New finance scheme in September KARACHI, Aug 8: The State Bank of Pakistan is shaping up another Long-Term Finance (LTF) scheme for implementation in coming September after the expiry of earlier scheme in June 2007, SBP... Oil prices mingled after US stock data LONDON, Aug 8: World oil prices were mixed on Wednesday after the US government revealed the latest weekly snapshot of American energy inventories. In London, the price of Brent North Sea crude for September delivery dropped by 29 cents to $71.51... Sindh cotton price soars to Rs3,400 KARACHI, Aug 8: Cotton prices on Wednesday soared to record high of Rs3,400 per maund as leading spinners purchased some lots at the higher levels from the central Sindh cotton belt apparently against their forward sales of textiles.... New discount rules for drugs ISLAMABAD, Aug 8: The ministry of health has prepared new drugs discounts and price adjustment rules to streamline the system. According to new rules no manufacturer or importer will allow a... IT return form ISLAMABAD, Aug 8: The FBR has issued a new simplified one-page income tax return form for the tax year 2007. An official announcement issued here on Wednesday said separate return forms had been prepared for corporate and non-corporate cases.... Singapore economy SINGAPORE, Aug 8: Singapore''s economy beat expectations to grow a strong 7.6 per cent in the first half over the previous year, Prime Minister Lee Hsien Loong said on Wednesday.... Karachi Port operations KARACHI, Aug 8: Six ships carrying containers, general cargo and to load cement are due to arrive at the outer anchorage on Thursday, according to KPT sources.... Port Qasim KARACHI, Aug 8: Three ships carrying containers, coal and diesel oil were accommodated berths during the last 24 hours, said a PQA press release on Wednesday.... Islamic banking moot in November KARACHI, Aug 8: Islamic bankers on Wednesday said that Pakistan may receive huge investments from the Gulf states which were currently exploring opportunities for investing their oil-generated liquidity in developing countries.... Credit line for farmers LAHORE, Aug 8: The Kissan Board of Pakistan (KBP) has demanded of the State Bank of Pakistan to issue credit line of Rs8 billion for Punjab Provincial Cooperative Bank Limited (PPCBL) to protect interests of farmers.... Asian stocks close higher HONG KONG, Aug 8: Asian stocks closed sharply higher on Wednesday after the United States Federal Reserve met expectations by holding interest rates at current levels and noted problems in US the mortgage industry.... Palm oil recovers KUALA LUMPUR, Aug 8: Malaysian crude palm oil futures ended 0.9 per cent higher on Wednesday, halting a 3-day losing streak, as traders returned to take up new positions and awaited key data on production and exports.... European stock markets climb LONDON, Aug 8: Europe''s main stock markets extended gains on Wednesday, mirroring a recovery on Wall Street after recent heavy losses for global equities. Nearing the half-way stage, London''s FTSE 100 index of leading blue-chip shares rose by 0.59... Gold dips LONDON, Aug 8: Gold fell on Wednesday as the dollar gained after the US Federal Reserve''s policy statement cooled expectations for a rate cut in the coming months.... SME policy on 15th KARACHI, Aug 8: A new SME policy will be launched at the first meeting of National Committee on Small and Medium Enterprises (NCSMEs) scheduled to be held on August 15 in Islamabad.... Euro rises LONDON, Aug 8: The euro rose above $1.38 on Wednesday, a day after sliding on prospects that US interest rates would remain unchanged for a while longer instead of heading lower, traders said.... Gas tax MICHIGAN, Aug 8: The United States should consider implementing a European-style gasoline tax if it hopes to deal with energy security and global warming, the head of Ford Motor Co.... Karachi market rates KARACHI, Aug 8: The following were Wednesday’s commodity market rates in rupees....

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