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August 25, 2007 Saturday Sha’aban 11, 1428 KARACHI: Flour price witnesses fresh rise of Re1 per kg KARACHI, Aug 24: With the holy month of Ramazan only 20 days away, the price of atta (flour) No. 2.5 in many areas has climbed to Rs17 per kg compared to Rs16 per kg a day earlier.... Minimal impact likely on Pakistan’s economy: US subprime mortgage meltdown KARACHI, Aug 24: The fears of recession in US, the world’s biggest economy which have been triggered by problems in housing slump and credit squeeze, are far from over....   US new home sales show surprise increase WASHINGTON, Aug 24: Sales of new US homes rose an unexpected 2.8 per cent in July from the prior month, the Commerce Department said on Friday, in a positive surprise for the battered housing sector.... TDAP role in world fairs criticised KARACHI, Aug 24: Disappointed at the performance of Trade Development Authority of Pakistan (TDAP), exporters of surgical instruments are preferring participating privately in world trade fairs for promotion of their products.... WB project to boost farm yield: Water courses KARACHI, Aug 24: The World Bank-funded National Programme for Improvement of Water Courses in Sindh is aimed at increasing agricultural production by 30 per cent.... Bahraini investor to set up Islamic bank ISLAMABAD, Aug 24: Prime Minister Shaukat Aziz said on Friday government was encouraging Shariah compliant banking in the country.... Oil prices rise on strong US data LONDON, Aug 24: Oil prices climbed towards $71 per barrel on Friday as strong US economic news restored confidence to a market which had been rattled by American housing sector woes.... Meeting endorses two corporations merger ISLAMABAD, Aug 24: The government on Friday approved administrative merger of Pakistan Automobile Corporation (PACO) with Pakistan Industrial Development Corporation (PIDC).... Euro surges LONDON, Aug 24: The European single currency jumped on Friday to a 10-day high above 1.36 dollars as many investors switched away from the US currency amid calmer global financial markets.... Stocks gain 51 points in mixed trading KARACHI, Aug 24: The stock market on Friday gave a mixed reaction to apex court verdict on the return of Sharif brothers to the country, but behaved orderly amid alternate bouts of buying and selling.... International ratings allowed for local use KARACHI, Aug 24: Banks and Development Financial Institutions (DFIs) have been allowed to use ratings of international agencies for capital adequacy. The State Bank on Friday issued a circular announcing its... MCB Bank announces dividend KARACHI, Aug 24: The board of directors of MCB Bank has announced 25 per cent cash dividend for the half year ended June 30, 2007.... Execution pact signed for 165MW project ISLAMABAD, Aug 24: Attock Gen. Limited (AGL) and the Private Power and Infrastructure Board (PPIB) on Friday signed implementation agreement for setting up 165MW project.... Conversion rates KARACHI: The following are August 25 State Bank conversion rates for foreign currency deposits, dollar bearer certificates, foreign currency bearer certificates, and special US dollar bonds.... 15pc GST yields Rs2.347bn in 2006-07 ISLAMABAD, Aug 23: The Federal Board of Revenue (FBR) has raised more than Rs12 billion from new taxation measures taken in the budget of 2006-07.... Tax compliance rate of edible oil units drops ISLAMABAD, Aug 24: The tax compliance rate of edible oil manufacturers has declined drastically over the years owing to tax-evasion and avoidance in a thoroughly professional manner, says an official report of the Federal Board of Revenue (FBR).... Lint prices plummet on hasty selling KARACHI, Aug 24: Cotton prices on Friday nosedived on hasty selling by ginners followed by reports of a substantial increase in arrivals of phutti into the Punjab ginneries.... ICI declares 25pc dividend KARACHI, Aug 24: The ICI operating results for the quarter and half year 2007 have improved by 11 per cent at Rs693.3 million, and 8 per cent at Rs1,238.6... EU threatens action against unsafe toys BRUSSELS, Aug 24: The European Commission vowed on Friday to take urgent “regulatory” action against toys deemed to be unsafe after recent high-profile recalls of Chinese-made products from US company Mattel.... Govt focus on infrastructure development KARACHI, Aug 24: The government has embarked on a programme of structural public private partnership to accelerate the pace of infrastructure development for achieving sustained economic growth.... NOC for import of some chemicals KARACHI, Aug 24: Banks have been advised by the State Bank not to open letters of credit (L/Cs) for the import of precursor chemicals without no objection certificate (NOC) from the ministry of narcotics control.... Pension fund launched KARACHI, Aug 24: Atlas Asset Management Limited (AAML), an Atlas Group Company, has launched Atlas Pension Fund (APF), a voluntary pension fund under the Voluntary Pension System Rules, 2005.... European shares mixed LONDON, Aug 24: Europe’s main stock markets enjoyed mixed fortunes on Friday as traders attempted to shrug off overnight losses on Wall Street amid lingering credit concerns, dealers said.... Palm oil prices lower KUALA LUMPUR, Aug 24: Malaysian crude palm oil futures ended flat on Friday as the market was split between prospects of robust demand for the festive season and concerns over rising stockpiles.... Port Qasim KARACHI, Aug 24: Brisk berthing activity was witnessed at the port where five ships carrying containers, edible oil, furnace oil and chemicals were accommodated berths during the last 24 hours.... Karachi Port operations KARACHI, Aug 24: Eight ships carrying containers, steel and to load ethanol are due to arrive at the outer anchorage on Saturday, according to KPT sources....

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