DAWN - Business; August 30, 2007

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August 30, 2007	Thursday	Sha’aban 16, 1428

Dealers to stop sale of petrol from Friday: Protest on low margin KARACHI, Aug 29: Petroleum dealers have decided to stop the sale of petrol and diesel from Friday for an indefinite period to protest against the Oil and Gas Regulatory Authority’s decision to cut their commission by 39 paisa per litre....		Services import bill touches $8.25bn in ’07 KARACHI, Aug 29: Pakistan’s imbalance in import-export of services during the outgoing fiscal 2006-07 showed a slight improvement to $4.13 billion from $4.43 billion in 2005-06....

Prices fall as PCSIR clears Indian sugar LAHORE, Aug 29: The ex-mill rate of local sugar slipped further to Rs27.40 per kg from Rs27.60 a couple of days ago on reports that the PCSIR has cleared samples of imported Indian product as “fit for human consumption”....		Export of textile products up ISLAMABAD, Aug 29: Export of textile products went up by 8.47 per cent during the first month of the current fiscal year to $951.937 million as against $877.635...

Stocks finish with extended gains on active buying KARACHI, Aug 29: Active foreign and local buying in leading bank and some other blue chips on Wednesday triggered partly by some positive developments on the political front apparently leading to...		New SME policy criticised KARACHI, Aug 29: The new policy for SMEs (small and medium-sized enterprises) announced recently by the government has been criticised by business leaders who claim that it would not resolve basic problems....

Banks’ six-month profits up by 42pc KARACHI, Aug 29: Listed banks have shown a strong profit growth in the first half of the current year, but growth in credit off-take is substantially low....		$10 million to support development of new firms: CSF account ISLAMABAD, Aug 29: The finance division released on Wednesday an amount of $10 million to help promote venture capital and establish business incubators aimed at boosting the economic growth of the country....

Import bill of POL products falls 6.33pc ISLAMABAD, Aug 29: Country’s import bill of petroleum products has declined by 6.33 per cent to $686.615 million in July as against $732.983 million over the same month last year....		88 LoIs for wind-power projects issued ISLAMABAD, Aug 29: Minister for Water and Power Liaquat Ali Jatoi has said that renewable energy policy lays down very liberal incentives to attract investment to put Pakistan on the renewable energy map of the world....

175MW unit to be set up in Dharki ISLAMABAD, Aug 29: The Private Power and Infrastructure Board (PPIB) has signed an implementation agreement (IA) with Foundation Power Company Dharki Ltd for establishing a 175MW power plant....		Chemical vision to be announced next year ISLAMABAD, Aug 29: The government will announce the Chemical Vision-2020 by mid January, 2008 for the development and progress of the chemical industry in the country....

Oil prices surge LONDON, Aug 29: World oil prices shot higher on Wednesday as traders absorbed tumbling energy stockpiles in the world’s leading consumer country, the United States. Traders also kept one eye on...		Buying remains steady on cotton market KARACHI, Aug 29: Cotton market on Wednesday maintained its upward trend as spinners and mills were not inclined to take even a technical breather and lifted all the lots offered by the ginners....

Two value-added cities to be set up ISLAMABAD, Aug 29: Two value-added cities are being planned at Faisalabad and at Multan-Lahore Road to facilitate investors, said newly appointed Federal Minister for Privatisation and Investment Muhammad Wasi Zafar....		Move to raise property tax in Gulshan town shelved KARACHI, Aug 29: The Sindh Excise and Taxation ministry has turned down a proposal from Gulshan Town to revise the property tax rate upward by 50 per cent for 2007-08....

Karachi Port operations KARACHI, Aug 29: Four ships carrying yellow peas, containers and to load cement are expected to arrive at the outer anchorage on Thursday, according to KPT sources....		EDF board approves Rs728m projects ISLAMABAD, Aug 29: The Export Development Fund’s board of administrators on Wednesday approved an amount of Rs728.048 million to be spent on implementation of various projects for promotion of exports....

FTA with Korea ISLAMABAD, Aug 29: Prime Minister Shaukat Aziz said on Wednesday that Pakistan desires to enter into a free trade agreement with Korea to further strengthen economic and trade relationship between the two countries for which there was a great potential....		Asian stocks tumble HONG KONG, Aug 29: Asian stocks fell sharply on Wednesday as anxiety returned over the health of the US economy, raising new fears of a global credit squeeze.But...

Palm oil prices lower KUALA LUMPUR, Aug 29: Malaysian crude palm oil futures ended 1.4 per cent lower on Wednesday as prices of rival soyabean oil declined and players anticipated only a small rise in Indonesia’s export tax, traders said....		European stocks drop LONDON, Aug 29: Europe''s main stock markets fell further on Wednesday after fresh overnight losses on Wall Street and earlier in Asia, as investor sentiment was rattled by fresh US economic concerns, dealers said....

Karachi market rates KARACHI, Aug 29: The following were Wednesday’s commodity market rates in rupees....		Conversion rates KARACHI: The following are August 30 State Bank conversion rates for foreign currency deposits, dollar bearer certificates, foreign currency bearer certificates, and special US dollar bonds....