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September 09, 2007 Sunday Sha'aban 26, 1428 LPG base price reduced by 3.86pc ISLAMABAD, Sept 8: The Oil and Gas Regulatory Authority (Ogra) has decreased the base price of liquefied petroleum gas (LPG) by Rs1,394 per ton (3.86 per cent) with immediate effect.... Anti-money laundering ordinance promulgated ISLAMABAD, Sept 8: President General Pervez Mushrraf on Saturday promulgated the much-awaited anti-money laundering law through a presidential order to plug the informal market as part of compliance to UN Security Council’s Counter-Terrorism Committee....   KSE still waiting for a new MD KARACHI, Sept 8: Three months since the resignation of last managing director M. A. Lodhi, the members of Karachi Stock Exchange are still out peering on the road to Islamabad for signs of arrival of the new MD.... Provisioning rule to erode Rs40bn bank profits KARACHI, Sept 8: Banks have decided to resist the State Bank’s new move, which directs banks for 100 per cent provisioning against the Non-Performing Loans as they fear erosion of profits up to Rs40 billion in next four years.... Surge in SPI pushes up prices ahead of Ramazan ISLAMABAD, Sept 8: The weekly inflation, measured through Sensitive Price Indicator (SPI), went up by 0.03 per cent during the week ending Sept 7, over previous week, according to Federal Bureau of Statistics figures issued here on Saturday.... Work plan approved for 2 new shipyards ISLAMABAD, Sept 8: Prime Minister Shaukat Aziz on Saturday approved a work plan for establishment of two large shipyards on joint venture basis with leading foreign shipyards of the world.... More power generation to meet energy demands ISLAMABAD, Sept 8: Prime Minister Shaukat Aziz said on Saturday that additional power generation capacity was being commissioned to meet growing electricity demand in rural and urban areas.... Oil refineries BEIJING, Sept 8: China’s top oil refineries will cut operation rates by more than three per cent this month from August, amid heavy late-summer plant maintenance that may help refiners to trim losses but that threatens to squeeze fuel supplies.... Iraq to open oil sector to all foreign firms NICOSIA, Sept 8: A former Iraqi oil minister says the future development of the country’s rich oil reserves will include a wide range of foreign companies, and not just US contractors.... Private banks face challenges in China SHANGHAI, Sept 8: China’s booming economy is creating more than 70 millionaires a day, but foreign banks don’t have enough products, client managers or offices to tap into the market for top-end private wealth services.... LPG body divided over petition on pricing policy KARACHI, Sept 8: There is difference of opinion among the members of the LPG Association of Pakistan over filing a petition in the court against the government if the pricing policy is not reversed and relief is not provided to consumers.... Banks to install cameras, helpline for ATM users KARACHI, Sept 8: The State Bank has instructed all banks to install close-circuit cameras and provide helpline facility at all ATM booths to minimize risks for customers.... Malaysian firm to invest in coal power ISLAMABAD, Sept 8: Malaysian Roxwelol Investment Group has shown interest to invest in coal generation and oil shale projects.... Karachi Port operations KARACHI, Sept 8: Five ships carrying containers, crude oil and to load coke are expected... China plans to frame rules for listed firms SHANGHAI, Sept 8: China has drafted its first set of comprehensive rules on supervising listed firms and is seeking public comment as Beijing aims to build a healthier stock market and pave the way for domestic listing of big state enterprises.... China to start work on eco-city in new year DALIAN, Sept 8: China will start building the country’s first eco-city in the new year and plans four other radical new urban developments as it seeks to tackle pollution, the head of the firm designing the projects said on Saturday.... Caribbean investment BEIJING, Sept 8: China will provide about 4 billion yuan ($530m) in favourable loans over three years to Chinese companies investing in the Caribbean, the China Daily said on Saturday, citing vice premier Wu Yi.... US mortgage firm to cut up to 12,000 jobs NEW YORK, Sept 8: Countrywide Financial Corp, the largest U.S. mortgage lender, said on Friday it would cut up to 12,000 jobs, the biggest job reduction by a single company to stem from the deepening U.S.... US drive for trade pacts WASHINGTON, Sept 8: US Commerce Secretary Carlos Gutierrez will lead members of Congress on a trip next week to Colombia, Peru and Panama, as the White House steps up a lobbying... Copper prices HONG KONG, Sept 8: Chinese copper consumers may soon be tempted to buy cheaper material available on the international market, but a slow start to the peak demand season could scuttle those plans and drag domestic prices lower.... Malaysia to keep interest, fuel prices unchanged KUALA LUMPUR, Sept 8: Malaysia on Saturday said interest rates and fuel prices will remain at current levels as the country targets robust growth of 6.5 per cent next year.... CFS investment up 6pc KARACHI, Sept 8: After having fallen sharply lower during the last couple of weeks, the CFS investment on the Karachi Stock Exchange last week showed an increase of six per cent as demand for funds rose in a rising market.... Prices remain stable on cotton market KARACHI, Sept 8: Cotton prices on Saturday remained stable around the previous levels in physical trading as ginners were not inclined to sell below their parity levels.... US economy loses jobs for first time in 4 years WASHINGTON, Sept 8: The world’s largest economy was hit with surprise job losses in August as a housing slump and a pullback in home construction triggered increased layoffs, a government report revealed on Friday.... Oil price surges in New York, gold sparkles LONDON, Sept 8: The New York oil price soared this week close to a record high on weak US energy stocks, while gold struck the highest level since May 2006.... Wall Street shares lower NEW YORK, Sept 8: Wall Street shares sank on Friday as data showing a surprise drop in US payrolls, the first in four years, stoked fears that the world’s biggest economy is flagging.... WTO chief seeks political spasm for global GENEVA, Sept 8: World Trade Organisation chief Pascal Lamy on Saturday called for a “political spasm” soon to drive the deadlocked Doha round of global trade talks past its final set of hurdles.... Opec to consider output hike DUBAI, Sept 8: The Organisation of Petroleum Exporting Countries will examine whether it needs to “slightly” hike output when it meets in Vienna next week, Iraqi Oil Minister Hussein Shahristani said on Saturday.... Daimler Chrysler to build plant in India Kolkata, Sept 8: Daimler Chrysler AG is setting up a new plant in India’s western city of Pune at a cost of 50 million euros, a senior company official said on Saturday.... Dollar slumps NEW YORK, Sept 8: The dollar slumped against other world currencies on Friday after a government report revealed surprise job losses last month, suggesting a growth slowdown....

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