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September 08, 2007 Saturday Sha'aban 25, 1428 Export credit agency KARACHI, Sept 7: The Trade Development Authority of Pakistan (TDAP) will assist Pakistan Export Finance Guarantee Agency (PEFGA) to become full-fledged export credit agency.... No impact of new wheat stocks on atta price KARACHI, Sept 7: As the Sindh food department has started issuing wheat delivery challans to flour millers, price of 100kg wheat bag, which had earlier fallen by Rs30 for a 100kg...   SBP’s rule on provisioning to cut banks profits KARACHI, Sept 7: The State Bank issued a draft circular on Friday completely withdrawing the benefit of Forced Sale Value (FSV) against all non performing loans (NPLs) for calculating provisioning requirement, which will directly hamper the profits of entire banking sector.... Islamic banking share to go up by15-20pc KARACHI, Sept 7: Islamic Banking has gradually transformed from a fiction to reality in Pakistan and is slowly moving ahead to become a first preferable choice over conventional banking for businessmen, traders and people at large.... PIA to float Rs25bnSukuk bonds KARACHI, Sept 1: Pakistan International Airlines plans to sell more than Rs25 billion eight-year Sukuk bonds next month in a move to generate funds for infrastructure development and cut borrowing costs, a top official said.... Notification on warehousing surcharge amended ISLAMABAD, Sept 7: The Federal Board of Revenue (FBR) has amended notification regarding exemption from warehousing surcharge on certain goods.... Pakistan climbs ladder of economic freedom: report ISLAMABAD, Sept 7: Pakistan still remains behind India in South Asia in terms of economic freedom, according to a report released on Friday on ‘economic freedom of the world’ for the year 2007.... Russia turns down 7,000 tons of Pakistani rice ISLAMABAD, Sept 7: Russia turned down 7,000 tons of Pakistani rice ready for shipment at the Port of England last month, just a week after a high-level delegation of Pakistani rice... Euro higher against dollar LONDON, Sept 7: The European single currency jolted higher against the dollar on Friday after news that US employers shed 4,000 jobs in August.... ‘Trigger mechanism caused berths collapse’ KARACHI, Sept 7: Trigger mechanism caused by heavy rains and low tide on August 9 and 10, resulted in the collapse of 50-year old berths at the Karachi Port.... Oil price surges LONDON, Sept 7: The New York oil price soared this week close to a record high on weak US energy stocks.... ST rules amended ISLAMABAD, Sept 7: The Federal Board of Revenue (FBR) has amended sales tax rules 2007. The amendments were notified through a sales tax notification SRO907 of 2007 issued here on Friday.... Gas exports to Asia MOSCOW, Sept 7: Russia’s natural gas exports to China and South Korea will reach 25-50 billion cubic metres a year from 2020, the Russian Energy Ministry said on Friday.... Stocks register fall on active selling KARACHI, Sept 7: Stocks on Friday suffered fresh pruning across a broad front and fell further under the lead of major bank shares on active selling by some foreign investors ahead... Govt urged to promote overseas jobs ISLAMABAD, Sept 7: The Federation of Pakistan Chamber of Commerce and Industry (FPCCI) on Friday demanded of the government to increase budget of overseas employment promoters (OEP) for boosting country’s foreign exchange earnings.... Observance of quality standards urged KARACHI, Sept 7: Minister for Science and Technology Chaudhry Nouraiz Shakoor Khan took strong exception to the collapse of Northern Bypass, and supported a full investigation, including quality of construction material.... Investment in China DALIAN, (China), Sept 7: Dubai Group, owned by the emirate, is planning to invest around $2 billion in the Chinese financial and property sectors over the next year to 18 months, its executive chairman said on Friday.... Rs9bn loan for 175MW power plant KARACHI, Sept 7: ABN Amro, Askari Bank and Bank AL Falah signed Rs9 billion financing arrangement with Fauji Foundation-Foundation Power Company (Dharki)... Trading remains steady on cotton market KARACHI, Sept 7: Cotton market on Friday showed steady trend followed by reports of rain in some of the areas of the central Punjab and fall in arrival of phutti into the ginneries.... Malaysian palm oil output likely to fall KUALA LUMPUR, Sept 7: Malaysia’s crude palm oil output in 2007 is forecast to decline 1.2 per cent to 15.7 million tons from a year ago as floods damaged plantations in... Karachi Port operations KARACHI, Sept 7: Five ships carrying containers and to load cement are due to arrive at the outer anchorage on Saturday, according to KPT sources.... Port Qasim KARACHI, Sept 7: Brisk shipping activity was witnessed at the port where four ships to load, unload containers and diesel oil were accommodated on berths at QICT and Fotco terminal, respectively, during the last 24 hours, says a PQA press release.... HSBC global service KARACHI, Sept 7: HSBC has created the first truly global personal banking service for the world’s 200 million affluent and internationally mobile consumers.... Poultry rates KARACHI, Sept 7: The following are Saturday’s poultry market rates:... Nine billion shares BEIJING, Sept 7: Authorities in China on Friday approved plans by China Construction Bank (CCB), a state-owned commercial bank, to issue nearly nine billion new shares in what would be mainland China’s biggest stock offering.... NBP signs MoU with Chinese bank KARACHI, Sept 7: National Bank of Pakistan on Friday signed an MoU with Industrial and Commercial Bank of China for bilateral cooperation in Dalian, China.The two banks agreed to cooperate to focus on developing niches and creating synergies.... Asian stocks close mixed HONG KONG, Sept 7: Asian stocks closed mixed on Friday with investors focussing on local issues and consolidating their positions ahead of the release of key economic data in the United States.... Palm oil prices unchanged KUALA LUMPUR, Sept 7: Malaysian crude palm oil futures closed largely unchanged in dull trade on Friday as the market awaited a string of crucial numbers, including production data, to be released next week.... Taiwan exports up TAIPEI, Sept 7: Taiwan’s exports in August grew an annual 10.5 per cent, beating expectations, as an unexpected drop in imports due to fewer oil purchases led to the second-largest trade surplus on record, the government said on Friday.... European share markets lower LONDON, Sept 7: Europe’s main stock markets fell on Friday as banking shares slid on speculation that French bank Societe Generale may issue a profit warning because of losses linked to US subprime mortgages....

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