DAWN - Business; August 16, 2007

Low Graphics Site


August 16, 2007	Thursday	Sha’aban 2, 1428

Policy for medium enterprises launched ISLAMABAD, Aug 15: The government on Wednesday formally launched the first-ever small and medium enterprises (SME) policy, to be implemented in a period of eight years (2007-15) with an initial estimated resource requirement of Rs13.128...		Major changes on board of directors: Callmate Telips KARACHI, Aug 15: Majority stakeholders in Callmate Telips have captured four of the seven seats on the company’s board of directors....

Cut-off yields on treasury bills rise KARACHI, Aug 15: The cut-off yield on benchmark six-month treasury bills on Wednesday increased in the second auction in a row reflecting the long-term impact of the higher discount rate....		Trade deficit shrinks in July ISLAMABAD, Aug 15: Pakistan’s trade deficit witnessed a modest decline of 2.59 per cent to $1.088 billion during the first month of the current fiscal year as against $1.117...

Sponsors offer bank guarantee for project: Coal power plant KARACHI, Aug 15: The sponsors of $2 billion coal-based power project — Hasan Associates — offered on Wednesday a bank guarantee to signal the commencement of the implementation of what is...		Sale of Iranian petrol declines in Karachi KARACHI, Aug 15: Smuggling of Iranian petrol is on the decline and the product is losing charm as gap between locally-produced and smuggled petrol has come down to Rs7 as compared to Rs10 to 15 a litre a few months back....

SBP stops receiving R&D claims LAHORE, Aug 15: The State Bank of Pakistan (SBP) has stopped accepting textile exporters’ claims for reimbursement of research and development (R&D) allowance owing to delay in the issuance of a notification, bankers and exporters said....		Corporate taxpayers fail to file returns KARACHI, Aug 15: The corporate taxpayers could not meet the deadline of August 15 for filing of withholding income tax statements through electronic mode because the Federal Board of Revenue’s (FBR) website was not ready till Wednesday, tax consultants said....

Karachi, Dubai bourses plan cross listing ISLAMABAD, Aug 15: The Karachi Stock Exchange may sign an agreement with the Dubai Financial Market (DFM) in October to cross list companies and soak up liquidity in the second-largest Arab economy, an official said....		Dollar, yen higher LONDON, Aug 15: The euro fell to its lowest level against the dollar since the end of June on Wednesday as the US unit continued to draw strength from its safe-haven status amid ongoing turmoil on financial markets....

Oil prices up LONDON, Aug 15: World oil prices swirled higher ON Wednesday amid fears that stormy weather could threaten energy facilities in the US Gulf of Mexico, traders said....		Stocks recover 37 points amid shaky future outlook KARACHI, Aug 15: The share market on Wednesday staged a modest recovery on active short-covering in the low-priced scrips, but analysts said it was too feeble to be sustained in the subsequent sessions in the absence of strong institutional support....

Conversion rates KARACHI: The following are August 16 State Bank conversion rates for foreign currency deposits, dollar bearer certificates, foreign currency bearer certificates, and special US dollar bonds....		Lint prices plunge on hasty selling KARACHI, Aug 15: Cotton prices on Wednesday crashed as ginners sold their long positions in a bit haste followed by reports of steady arrivals of phutti into the ginneries and official nod for imports from India....

China pledges to improve product safety BEIJING, Aug 15: China insisted on Wednesday that the vast majority of its exports to the United States were safe, but vowed to improve its safety procedures following the massive toy recall by US giant Mattel....		Pakistan to attend World Expo China 2010 ISLAMABAD, Aug 15: Prime Minister Shaukat Aziz on Wednesday approved a proposal for Pakistan’s participation in the forthcoming “World Expo China 2010”....

Opec pumps more crude in July RIYADH, Aug 15: Opec pumped 280,000 bpd higher in July than June. The 12 members oil cartel pumped an average 30.5 million b/d of crude in July, against June''s 30.22...		Bank, airline launch master credit card KARACHI, Aug 15: The ABN Amro and Airblue airlines on Wednesday launched the first co-brand master credit card targeting frequent and aspiring travellers....

Swiss food giant’s profits up GENEVA, Aug 15: The Swiss-based food giant Nestle on Wednesday reported an 18.7 per cent increase in half year net profits to 4.92 billion Swiss francs (3 billion euros, $4.08...		European stocks plunge LONDON, Aug 15: Europe''s main stock markets tumbled again on Wednesday as investors were gripped by concerns over a potential global credit crunch sparked by the troubled US home loan sector....

Karachi Port operations KARACHI, Aug 15: Nine vessels carrying tallow, chemicals and containers are expected to arrive at the outer anchorage on Thursday, according to KPT sources....		Port Qasim KARACHI, Aug 15: Two container ships were berthed at QICT during the last 24 hours, said a PQA press release on Wednesday....