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August 23, 2007 Thursday Sha’aban 9, 1428 Rains cut industrial production by 50pc KARACHI, Aug 22: Except for normal production activities at the SITE Industrial Estate, four other industrial areas of the city suffered 50 to 80 per cent production losses, especially in morning... Market capitalisation seen rising to 60pc of GDP ISLAMABAD, Aug 22: Despite the present scary plunge in the local stock market caused by an air of political uncertainty, a multilateral lender sees market capitalisation swelling to 60 per cent...   Korean firm to discuss rebuilding of KPT berths KARACHI, Aug 22: The Korean contractor engaged for the reconstruction of old berths at the Karachi Port arrives on Thursday to discuss the construction methodology and sequence with the KPT authorities, official sources said.... Core inflation drops to 5.2pc ISLAMABAD, Aug 22: Core inflation (non-food, non-energy) exhibited declining trend as it stood at 5.2 per cent in the first month of current fiscal year (July 2007) as against 7 per cent in the corresponding month of last year.... Oil prices fall on surprise jump in US reserves LONDON, Aug 22: World oil prices fell on Wednesday as traders reacted to a shock increase in crude reserves in the United States, which is the world’s biggest energy consumer.... Procedure for e-filing of tax returns announced ISLAMABAD, Aug 22: The Federal Board of Revenue (FBR) has notified procedure for electronic filing of sales tax and federal excise return through the computerised system.... Large-scale manufacturing slows down ISLAMABAD, Aug 22: Pakistan’s large-scale manufacturing sector grew by 8.41 per cent in the fiscal year 2006-07 as against the target of 13 per cent set for the same period, said Federal Bureau of Statistics (FBS) on Wednesday.... Exploration cost mars OGDCL profits KARACHI, Aug 22: Pakistan’s biggest listed firm, Oil and Gas Development Co Ltd (OGDCL), lagged forecasts with flat full-year net profits after higher spending on oil exploration offset the impact of increased production.... Stocks partially recover overnight losses KARACHI, Aug 22: The stock market on Wednesday was back on the rails as investors covered positions on selected counters after the official denial about the imposition of emergency.... Tax on iron, steel supplies ISLAMABAD, Aug 22: The Federal Board of Revenue (FBR) has notified that income tax deducted at source on supplies of manufacturers of iron and steel products will not be final liability.... Lucky Cement gets nod for Indian sales KARACHI, Aug 22: The Bureau of Indian Standards (BIS) has granted a licence to Lucky Cement Limited for export of cement to India.... Euro gains LONDON, Aug 22: The euro firmed on Wednesday after the European Central Bank gave a clear hint that it is still on course to raise borrowing costs next month despite the recent turmoil in the financial markets.... Lint trading gets slow on delivery problems KARACHI, Aug 22: Trading on the cotton market on Wednesday remained slow as buyers and sellers kept to the sidelines owing to heavy downpour which led to delivery problems.But... World shares continue recovery journey LONDON, Aug 22: World stocks surged on Wednesday extending their recovery, with European, Wall Street and most of Asia’s markets posting gains despite lingering nervousness about problems in global credit markets.... Amendment in SRO to be rescinded KARACHI, Aug 22: Chairman Federal Board of Revenue (FBR) Abdullah Yousuf has assured the members of All Pakistan Textile Processing Mills Association (APTMA) that the amendment made in the SRO 470(I) 2007 will be rescinded.... US job losses spike as home lenders scale-back business WASHINGTON, Aug 22: Mortgage industry layoffs rose on Wednesday and have jumped dramatically of late as surging home foreclosures and a credit squeeze force home lenders across America to scale back business.... Syria, Iraq to reopen oil pipeline link DAMASCUS, Aug 22: Syria and Iraq have agreed to repair and reopen an oil pipeline which has been shut since the US-led invasion of Iraq in March 2003, the official Syrian newspaper al-Baath said on Wednesday.... ECB may raise rates FRANKFURT, Aug 22: The European Central Bank reminded markets of its Aug 2 monetary policy stance on Wednesday, in a move that some analysts saw as signalling it intends to raise rates in September despite market turbulence.... Asean ministers to finalise FTAs MANILA, Aug 22: Southeast Asian economic ministers will finalise a blueprint for economic cooperation in the region and push free trade deals with six dialogue partners at a weekend meeting in Manila, Philippine officials said on Wednesday.... Bridgestone to expand in India TOKYO, Aug 22: Bridgestone Corp. said on Wednesday it would invest nearly $200 million to expand tyre factories in India, where more motorists are taking to the road, and in production hub Indonesia.... Training of tax officials ISLAMABAD, Aug 22: The Federal Board of Revenue (FBR) has decided to train its senior officers on various tax related issues as part of the World Bank funded reforms of tax administration project.... Interest rate hike TOKYO, Aug 22: The Bank of Japan met on Wednesday on interest rates for the first time since turmoil erupted on global markets, thumping stocks and driving up the yen, and putting another rate rise in doubt.... Japan’s trade surplus drops TOKYO, Aug 22: Japan’s trade surplus shrank by a bigger than expected 21.1 per cent in July from a year earlier, hit by higher oil import costs and sluggish exports to the United States, the government said on Wednesday.... Growth resisting turmoil: Eurozone official BRUSSELS, Aug 22: Recent financial market turmoil does not threaten economic growth in the 13 nations sharing the euro, the chairman of the Eurogroup of eurozone finance ministers, Jean-Claude Juncker, told AFP Wednesday in an interview.... Gold firms on stronger equities LONDON, Aug 22: Stronger equity markets and physical buying lifted gold prices in Europe on Wednesday but the market remained wary as credit squeeze fears persisted.... Zimbabwe inflation hits record high HARARE, Aug 22: Zimbabwe’s inflation rate has leapt to a record high, official data showed on Wednesday, raising pressure on President Robert Mugabe to ease an economic crisis that foes hope will weaken the veteran leader.... Taiwan jobless rate rises TAIPEI, Aug 22: Taiwan’s unemployment rate rose to 4.03 per cent in July from 3.96 per cent last month due to an increase in first-time job seekers, the government said on Wednesday.... Palm oil prices up KUALA LUMPUR, Aug 22: Malaysian crude palm oil futures closed 1.2 per cent higher on Wednesday as expectations that Indonesia will raise export duties and strong demand for the festive season lifted the market....

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