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September 07, 2007 Friday Sha'aban 24, 1428 Oil nears record high as US energy reserves dive LONDON, Sept 6: The price of New York oil soared above $77 on Thursday, within reach of a new record high, as traders anticipated correctly that US crude reserves fell more heavily than expected last week.... Bank of Punjab to take over PPCBL KARACHI, Sept 6: Bank of Punjab (BoP) would take over all 160 branches of the Punjab Provincial Cooperative Bank (PPCBL) before December 31 this year, a source familiar with the development said on Thursday....   71pc find law, order precarious: OICCI survey KARACHI, Sept 6: Heightened security risk and political uncertainty weigh heavily on otherwise optimistic business perception of overseas investors in Pakistan, reveals a survey.... Agreement signed for $400m ADB loan ISLAMABAD, Sept 6: The Asian Development Bank (ADB) will lend Pakistan $400 million including $1 million on a grant basis to implement second generation capital market reforms.... Reservation over Rs4.3bn market project KARACHI, Sept 6: Fruit and vegetable processors and exporters express reservations over Rs4.3 billion project of the Sindh ministry of agriculture, which envisages establishment of two modern fruit and vegetable markets around Karachi and one at Hyderabad.... Free trade talks with European body next month ISLAMABAD, Sept 6: Pakistan will hold first round of talks on a free trade agreement (FTA) with the European Free Trade Association (EFTA) to increase the level of trade with the bloc.... ECB, BoE leave rates unchanged FRANKFURT, Sept 6: The European Central Bank and the Bank of England both held their key interest rates steady on Thursday in face of volatility on global financial markets.... UK industry output dips LONDON, Sept 6: Britain’s manufactured output fell in July from the previous month, with big falls in transport industries, official data showed on Thursday.... Ordinance to set up competition body shortly: Replacing MCA ISLAMABAD, Sept 6: President Gen Pervez Musharraf is likely to promulgate an ordinance shortly to convert the Monopoly Control Authority (MCA) into a Competition Commission aimed at discouraging growing corrupt business practices.... Gold surges LONDON, Sept 6: The price of gold leapt on Thursday to the highest level since the end of April as traders sought a safe haven for their cash amid uncertainty on global financial markets, analysts said.... Euro climbs LONDON, Sept 6: The euro rose against the dollar on Thursday as the European Central Bank said it was freezing eurozone borrowing costs owing to shaky world financial markets.... Slic convention KARACHI, Sept 6: State Life Insurance Corporation of Pakistan is holding its three-day annual convention from September 9 to 11 at Bhurban. Chairman SLIC Kamal Afsar will inaugurate the convention.... Stocks stumble on dissolution rumours KARACHI, Sept 6: Stocks on Thursday reacted from the early week inflated levels on late selling triggered by rumours that national and provincial assemblies may be dissolved apparently to pave the way for a national government.... China assures Bush on currency reforms SYDNEY, Sept 6: Chinese President Hu Jintao assured US President George W. Bush on Thursday that China would continue to reform its currency exchange system and “let the market play an increasing role,” the White House said.... Sri Lanka raises tax on mobile phones COLOMBO, Sept 6: Sri Lanka on Thursday sharply raised taxes on mobile phone users to help raise funds for extra government spending, officials said.... Lamy doubts Asia-Pacific free zone SYDNEY, Sept 6: World Trade Organisation chief Pascal Lamy said on Thursday a proposed Asia-Pacific wide free trade zone would be hard to achieve because of the wide diversity of the region’s economies.... Active buying on cotton market KARACHI, Sept 6: Trading on the cotton market on Thursday resumed on a steady note as there was no trace of overnight hasty selling by the ginners who confidently held the price line, floor brokers said.... Mauritius trade deficit widens 19pc PORT LOUIS, Sept 6: Mauritius’ trade deficit widened 19 per cent for the first half of 2007 to 21.1 billion rupees ($676.3 million) from 17.7 billion for the same period in 2006, official data showed on Thursday.... US workers’ output WASHINGTON, Sept 6: The productivity of US workers quickened during the second quarter as Americans toiled more briskly on production lines than in the first three months of the year, the Labour Department said on Thursday.... Karachi Port operations KARACHI, Sept 6: Five ships carrying containers, general cargo and coal are due to arrive at the outer anchorage on Friday, according to KPT sources.... China likely to top Asian wealth market by 2015 HONG KONG, Sept 6: China is likely to surpass Japan by 2015 as the Asian country with the highest number of wealthy individuals, an executive with management consultancy Bain and Company said on Thursday.... Port Qasim KARACHI, Sept 6: Three ships carrying containers, coal and LPG were accommodated berths at QICT, MPT and EVT during the last 24 hours, said... Poultry rates KARACHI, Sept 6: The following are Friday’s poultry market rates:... Asian stocks mostly higher HONG KONG, Sept 6: Asian stocks closed mostly higher on Thursday as investors shrugged off a poor overnight performance by Wall Street and went in search of bargains, following recent falls.... Palm oil lower KUALA LUMPUR, Sept 6: Malaysian crude palm oil futures ended one per cent lower in quiet trade on Thursday as fears of rising supplies due to a seasonal peak in production weighed on the market....

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