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August 17, 2007 Friday Sha’aban 3, 1428 Asian Bank to restructure 30 projects in policy shift ISLAMABAD, Aug 16: The Asian Development Bank (ADB) is restructuring 30 projects - out of a total 81 - it financed as part of a policy shift towards Pakistan to a... World stocks meltdown on credit jitters LONDON, Aug 16: World stock markets plummeted on Thursday as credit crunch fears mounted, sending Wall Street sliding and London into its steepest one-day fall since the run-up to the Iraq war....   Credentials of KPT inquiry body contested: Berths collapse KARACHI, Aug 16: Ports and shipping experts have challenged the credentials of members of the high-powered committee set up by the federal government to investigate the collapse of two berths (No 10 and 14) at the Karachi Port last week.... ADB stresses more listings on bourses ISLAMABAD, Aug 16: The Asian Development Bank (ADB) desires more companies to be listed on the Pakistani stock exchanges and increase in market capitalisation to create jobs and diversify investment opportunities.... Stocks falter on offloading by foreigners KARACHI, Aug 16: The share market on Thursday failed to sustain the overnight gains and turned lower as a section of foreign investors continued to liquidate their long positions in the oil and bank sectors owing to political uncertainty.... Import facilitation measures notified ISLAMABAD, Aug 16: The commerce ministry has notified a range of import facilitation measures announced in the trade policy 2007-08. The amendments were made through a notification SRO822 of 2007 by amending the import policy order 2006 issued here on Thursday.... World leaders urge calm PARIS, Aug 16: World leaders on Thursday insisted that the US subprime crisis would not cause an economic downturn but stock markets across the world plummeted again as investors appeared unconvinced.... Yen rises sharply against dollar LONDON, Aug 16: The yen drew strength from the turmoil on financial markets on Thursday, rising sharply against the dollar and euro as investors unwound risky “carry trades” that have depressed the Japanese currency.... Oil prices nosedive LONDON, Aug 16: World oil prices dived on Thursday, with New York light sweet crude down nearly $3, as massive falls on world stock markets left traders worried about risky investments in commodities, analysts said.... MoU signed to improve investment climate ISLAMABAD, Aug 16: The Board of Investment (BoI) and the USAID-funded Competitiveness Support Fund (CSF) signed a memorandum of understanding (MoU) to support economic reform processes for improving Pakistan’s investment climate and enhancing its economic competitiveness.... Reserves up KARACHI, Aug 16: Pakistan''s foreign exchange reserves rose by $21 million to a record $15,800.6 million in the week ended Aug 11, the central bank said on Thursday.... PM assures consistency in economic policies ISLAMABAD, Aug 16: Prime Minister Shaukat Aziz said on Thursday the government would ensure continuity of policies to maintain the growth momentum. Talking to a business delegation led by FPCCI President... Insipid trading on cotton market KARACHI, Aug 16: Trading on the cotton market on Thursday remained slow as price ideas of buyers and sellers were poles apart as import from India remained a dominating force behind the physical activity.... Fed adds $17bn to US banking system WASHINGTON, Aug 16: The Federal Reserve flexed its financial muscle again on Thursday, injecting $17 billion into the US banking system to ease a credit crunch triggered by fears over the ailing mortgage market.The... Pakistan to get $35m for microfinance programme RAWALPINDI, Aug 16: The International Fund for Agricultural Development (IFAD) has agreed to provide $35 million to Pakistan to help finance a programme for increasing sustainable microfinance.... Steel units asked to pay GST by 28th ISLAMABAD, Aug 16: The Federal Board of Revenue (FBR) has asked all steel melters and steel re-rollers to deposit sales tax through electricity bills or sales tax returns by August 28.... Karachi Port operations KARACHI, Aug 16: Three ships including two tankers carrying crude oil are due to arrive at the outer anchorage on Friday, according to KPT sources. Berthing activity at the wharves was active where five ships, Harmony, APL Sokhna and Y.M.... NCEL gold delivery KARACHI, Aug 16: The National Commodity Exchange Limited (NCEL) on Thursday announced that the first physical delivery of certified pure gold to buyers would take place on Friday.... Islamabad chamber hails SME policy ISLAMABAD, Aug 16: Small traders will benefit from the establishment of credit information centres regarding loans for SMEs under the new small and medium enterprises policy.... India plans freight corridor NEW DELHI, Aug 16: India plans to start work on a dedicated rail freight corridor between New Delhi and Mumbai in the fiscal year 2008-09 and complete it by 2012, a federal minister said on Thursday.... Vietnam cuts fuel prices HANOI, Aug 16: Vietnam on Thursday cut retail petrol prices in the communist government''s latest effort to reduce inflation that last month topped eight per cent year-on-year, state media reported.... Ratings KARACHI, Aug 16: The JCR-VIS has reaffirmed the medium to long-term rating of the Security Investment Bank Limited (SIBL) at `A’ (Single A) and the short-term rating of `A-1’ (A-One).... Two Koreas may discuss trade pact SEOUL, Aug 16: South Korea may discuss a free-trade pact with North Korea during an upcoming summit in hopes of encouraging the hardline communist state to open its markets, officials said on Thursday.... Conversion rates KARACHI: The following are August 17 State Bank conversion rates for foreign currency deposits, dollar bearer certificates, foreign currency bearer certificates, and special US dollar bonds....

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