DAWN - Business; August 18, 2007

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August 18, 2007	Saturday	Sha’aban 4, 1428

‘Mealybug’ poses danger to cotton plants: New problem for growers MULTAN, Aug 17: Mealybug, an insect appeared for the first time on cotton crop in the farms of Pakistan Cotton Research Institute some two years ago, has become a highly pesticide-resistant insect nowadays....		Plan to extend microcredit outreach ISLAMABAD, Aug 17: Three million borrowers will benefit from microcredit facility by 2010 under the poverty reduction strategy, said Prime Minister Shaukat Aziz on Friday. The prime minister was chairing...

Local market feels no impact yet: Recalling of Chinese toys KARACHI, Aug 17: The Chinese-dominated local toy market has not yet felt any impact of recalling of over 18 million Chinese-made toys worldwide by the United States’ biggest toy-maker Mattel, citing these toys contain hazardous lead paint and magnets....		US, European stocks rebound LONDON, Aug 17: European and US stocks rebounded on Friday as the US Federal Reserve slashed the lending rate it charges commercial banks in the most dramatic twist since fears of a credit crunch gripped world markets last week....

KSE 100-share index turns negative on late-selling KARACHI, Aug 17: Stock market on Friday resisted fresh fall as leading shares came in for active short-covering at the attractively lower levels but finished with clipped gains on late-selling....		Chinese toy industry remains unhurt BEIJING, Aug 17: China’s toy manufacturers have not been hurt by the recent recalls of its products overseas, with global customers maintaining their orders, an industry chief said on Friday....

Oil prices climb above $70 LONDON, Aug 17: Oil prices rebounded on Friday, with Brent crude bouncing back above $70 a barrel in London, helped by the Fed’s monetary policy action on Friday, traders said....		SBP to satisfy exporters with new scheme KARACHI, Aug 17: The State Bank, which holds exporters responsible for distortions in export finance scheme and cut financing facility announced in the monetary policy for July-December 2007, said on Friday a draft was being made to facilitate exporters....

31.48pc increase in remittances KARACHI, Aug 17: Political uncertainty in Pakistan did not shake up confidence of overseas Pakistanis who remitted about half a billion US dollars to their homeland in July 2007 which was remarkably higher than the July of previous fiscal....		Smuggling of Iranian petrol rampant ISLAMABAD, Aug 17: State Minister for Finance Omar Ayub Khan on Friday admitted that Iranian petroleum products in large quantities were smuggled into Pakistan during the last two years....

R&D facility for textile exporters LAHORE, Aug 17: The textile ministry has drafted rules to allow research and development (R&D) facility to textile exporters. The notification is expected to be issued in a couple of...		Dollars slips against yen, euro LONDON, Aug 17: The euro climbed against the dollar on Friday as analysts speculated that action by the Federal Reserve to calm financial markets indicated a cut in key US interest rates was possible in September....

Talks on power import from Kyrgyzstan BISHKEK, Aug 17: Pakistan and Kyrgyzstan on Friday agreed to convene a meeting of their Joint Working Group to expedite study of import of electricity, while also discussing prospects for providing a terminal to the Kyrgyz Republic at Gwadar Port....		Cotton prices rise on slow phutti arrivals KARACHI, Aug 17: Cotton market on Friday showed an improved trend as ginners raised their asking prices after the arrivals of phutti from the growers virtually dried up....

Libya, Yemen keen to import goods made in Sialkot SIALKOT, Aug 17: Libya and Yemen have assured the local business community that they would import the Sialkot-made sports goods, surgical instruments and leather goods directly instead of importing these through other countries....		Tools show ISLAMABAD, Aug 17: The Engineering Development Board is planning to take a delegation of engineering companies to “European Machine Tools Show 2007” (EMO), to provide engineering sector an opportunity to study modern manufacturing techniques, official sources told APP here on Friday....

Project to fortify wheat flour launched ISLAMABAD, Aug 17: The health ministry has procured 64,800 kg of iron and vitamin premix to initiate flour fortification in partnership with Pakistan Flour Mills Association (PFMA)....		WTO states urged to show political will KUALA LUMPUR, Aug 17: Breaking a six-year deadlock on the Doha round of talks to smash trade barriers is still possible but will require more trust between rich and poor nations, WTO chief Pascal Lamy said on Friday....

Karachi Port operations KARACHI, Aug 17: Four ships carrying containers and to load ethanol and cement are due to arrive at the outer anchorage on Saturday, according to KPT sources....		Port Qasim KARACHI, Aug 17: Three ships to load and offload containers and edible oil were accommodated berths at QICT and MPT during the last 24 hours, said a PQA press release on Friday....

Telecom moot KARACHI, Aug 17: The International Telecom Conference 2007 on the subject “Growth Prospects in Telecom Industry of Pakistan” was held Karachi Expo Centre simultaneously with the ITCN Asia Exhibition in which...		Australia injects more cash into bank sector SYDNEY, Aug 17: Australia’s central bank on Friday injected a larger than usual $3.87 billion into the banking system as fears of a credit crunch jolted global markets....

India’s dependence on oil imports to grow NEW DELHI, Aug 17: India’s dependency on oil imports is likely increase to about 85 per cent by 2012 from the current 70 percent as it seeks to fuel a fast-growing economy, an Indian industry group said on Friday....		Family Takaful KARACHI, Aug 17: The Pak-Qatar Group has got a Family Takaful Licence. Pak-Qatar Family Takaful Limited and Pak-Qatar General Takaful Limited received their operating licences from the Securities and Exchange Commission of Pakistan (SECP) on Aug 16....

Palm oil prices lower KUALA LUMPUR, Aug 17: Malaysian palm oil futures closed marginally lower on Friday as players picked up bargains, helping the market cut heavy losses suffered in the morning session due to credit tensions....		Gold firm LONDON, Aug 17: Gold firmed on Friday as equity markets stabilised, but analysts say it could come under further pressure as investors balance their portfolios and take profits to cover losses in other markets....

WTO cell KARACHI, Aug 17: The TDAP has established a WTO cell. A statement here on Friday said it has been divided into three units, namely Information and Research Unit, Advisory Unit and Advocacy Unit.—APP...		Karachi market rates KARACHI, Aug 17: The following were Friday’s commodity market rates in rupees....

Company news KARACHI, Aug 17: The Pakistani community in Norway presented President and CEO Telenor Group Jon Fredrik Baksaas with a special award on the occasion of Pakistan’s 60th independence day celebrations....		Conversion rates KARACHI: The following are August 18 State Bank conversion rates for foreign currency deposits, dollar bearer certificates, foreign currency bearer certificates, and special US dollar bonds....