DAWN - Business; August 24, 2007

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August 24, 2007	Friday	Sha’aban 10, 1428

State Bank steps in to smoothen settlement: ATM transactions KARACHI, Aug 23: The State Bank on Thursday decided to take over the settlement of inter-bank ATM transactions from MCB Bank and ABN Amro Bank....		Safety fears fail to dent Chinese toothpaste sale KARACHI, Aug 23: The sale of Chinese toothpaste in local market has not felt any impact despite the campaign in US and elsewhere against the product allegedly containing poisonous substance because it enjoys only 2.5...

Koreans agree to build collapsed berths KARACHI, Aug 23: The Korean contractors have agreed to first take up reconstruction of the collapsed berths at the Karachi port and hand them over to the port in a period of 15 months, official sources said on Thursday....		Investors demand early elections for stability KARACHI, Aug 23: The decision of Pakistan Supreme Court in favour of PML(N) leaders is unlikely to curb the bearish business sentiments in the country. Investors are waiting for the current...

90pc GST raised from 15 items ISLAMABAD, Aug 23: Around 90 per cent of general sales tax (GST) of the total collection has been raised from just 15 items during the year 2006-07 over last year, indicating a narrow base of the tax....		Asian Bank asks govt to privatise through IPOs: Major state units ISLAMABAD, Aug 23: The Asian Development Bank (ADB) has asked the government to privatise major state sector enterprises through Initial Public Offering (IPO) and by early off-loading the remaining shares of commercial banks....

Equity prices nosedive on political tensions KARACHI, Aug 23: Stocks on Thursday received another massive battering as investors sold in a bit haste their long positions in the leading base shares ahead of the apex court’s ruling on the Sharif brothers petition amid persisting political uncertainty....		New body to probe collapse of berths KARACHI, Aug 23: The government has reconstituted a high-powered committee to investigate the collapse of two berths (No 10 and 14) at the East Wharf on Aug 10-11....

Oil prices rebound LONDON, Aug 23: World oil prices advanced on Thursday as global financial markets continued their recovery, with concern fading that lower economic growth would dampen crude demand, traders said....		Import of cars falls by 38pc ISLAMABAD, Aug 23: The import of complete build unit (CBU) cars recorded a negative growth of 38 per cent during the year 2006-07 over last year....

Euro gains against dollar LONDON, Aug 23: The European single currency rose close to $1.36-level on Thursday, supported by prospects of an interest rate hike in the eurozone and recovering global financial markets, analysts said....		BankIslami reaches deal for share acquisition KARACHI, Aug 23: BankIslami on Thursday confirmed that it had reached an agreement with Jahangir Siddiqui and DCD Investment Ltd of JS Finance Limited for acquiring their 100 per cent shareholding in the bank....

China Mobile gets licence KARACHI, Aug 23: The Pakistan Telecommunication Authority (PTA) has awarded a licence to China Mobile Pakistan (CMPak) for providing cellular services in Azad Jammu and Kashmir and Northern Areas....		Penalty waived ISLAMABAD, Aug 23: The Federal Board of Revenue (FBR) has decided to waive up penalty in case of filing of withholding statements after due date....

Reserves KARACHI, Aug 23: The total liquid foreign reserves held by the country stood at $15,801.2 million on Aug 18....		Active buying on cotton market KARACHI, Aug 23: Cotton market on Thursday maintained a firm trend as spinners and mills remained active buyers around the asking prices of ginners....

Customs duty collection on edible oil down ISLAMABAD, Aug 23: The collection of customs duty declined by 1.3 per cent to Rs15.743 billion from edible oils during 2006-07 as against Rs15.011 billion last year owing to specific rate of duty....		IMF to invite contenders for consultation WASHINGTON, Aug 23: The two publicly announced candidates to lead the International Monetary Fund will be invited to Washington for consultations shortly, the IMF said on Thursday....

Newcomers on the rise in Gulf Arab energy sector DUBAI, Aug 23: A new group of Gulf Arab oil and gas companies and investment funds is rapidly gaining prominence both in the region and the wider international energy sector....		Closure of Reliance stores ordered LUCKNOW, Aug 23: The government of one of India’s largest states on Thursday ordered the closure of retail stores set up by Reliance Industries citing law enforcement problems....

Gold rises in London LONDON, Aug 23: Gold rose on Thursday as firmer stock markets helped soothe worries about credit markets stemming from problems in the US housing sector, but investors were wary of chasing prices higher....		Palm oil inches up KUALA LUMPUR, Aug 23: Malaysian crude palm oil futures edged higher in light trade on Thursday, supported by Indonesia’s plans to raise an export tax on the commodity and a weakening ringgit currency against the dollar....

Port Qasim KARACHI, Aug 23: Three ships to unload general cargo and load containers were accommodated berths during the last 24 hours, said a PQA press release on Thursday....		Karachi Port operations KARACHI, Aug 23: Four ships carrying containers and DAP fertiliser are expected to arrive at the outer anchorage on Friday, according to KPT sources....