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September 14, 2007 Friday Ramazan 1, 1428 Oil hits record high above $80 LONDON, Sept 13: The price of New York oil hit a fresh record high of $80.20 a barrel on Thursday on trader worries that stormy weather could hamper energy production in the US Gulf of Mexico.... SBP allows advance payment for imports KARACHI, Sept 13: In a move to further liberalise the foreign exchange regime, the State Bank of Pakistan has allowed advance payments for import of goods.... NA body meeting on PSO affairs postponed ISLAMABAD, Sept 13: An unusual lobbying is going on to postpone meeting of the standing committee on petroleum and natural resources till completion of the National Assembly term later this year... Doubts over detained buses removed KARACHI, Sept 13: The issue of import of CNG buses of Indian origin from the UAE took a new turn on Thursday when Pakistan’s commercial counsellor in Abu Dhabi confirmed that... CNG sector attracts Rs70bn investment ISLAMABAD, Sept 13: Federal Minister for Petroleum and Natural Resources Amanullah Khan Jadoon said on Thursday that the CNG sector attracted over Rs70 billion investments during the last few years owing to liberal and encouraging policies of the government.... China on ‘right track’ for food safety: WHO BEIJING, Sept 13: China is making a good progress in solving its food safety problems and should not be singled out as a global danger, said an official on Thursday.“They... US law on ROZs to be ready soon KARACHI, Sept 13: US legislation on Reconstruction Opportunities Zones in the Northern Areas of Pakistan will be completed within a couple of months, said the US consul-general in Karachi, Ms Kay... Euro rises to new record high LONDON, Sept 13: The euro rose to fresh record highs against its US rival on Thursday, reaching $1.3927 in early European trade, while some economists forecast it could top $1.40... EU action against energy savers BRUSSELS, Sept 13: Environmentalists and some of Europe’s biggest companies have formed an unusual alliance to try to stop the European Union from extending anti-dumping duties on Chinese energy-saving light bulbs for one more year.... ATM fee NEW YORK, Sept 13: Bank of America Corp has raised the fee it charges non-customers to withdraw cash from most of its automated teller machines to $3 from $2, a move that may prompt rivals to follow.... Loadshedding may hit sales in peak shopping season KARACHI, Sept 13: Traders of the city commercial markets and shopping centres have feared that their sales may hit sharply if the KESC continues with unannounced five to six hours daily... Petrol shortage in Nepal KATHMANDU, Sept 13: Thousands of cars and motorbikes formed long queues at petrol pumps in Nepal’s capital on Thursday after officials warned of a looming fuel shortage after they failed to pay their gas bills.... Oil shares lead recovery drive on new finds KARACHI, Sept 13: Stocks on Thursday maintained their recovery drive boosted by heavy buying in the leading oil shares followed by reports of new oil and gas finds and steep increase in international oil prices.... Reserves KARACHI, Sept 13: The country’s total liquid foreign exchange reserves stood at $16,021.3 million during the week ended September 8, 2007, announced the central bank on Thursday.... China to get dividends from state firms BEIJING, Sept 13: China’s public coffers will start receiving dividends from companies owned by the central government in 2008, the State Council, or cabinet, said on Thursday.... Minister lays stress on increasing cotton yield KARACHI, Sept 13: Federal Minister for Food, Agriculture and Livestock Sikandar Hayat Khan Bosan has asked scientists and researchers to evolve new high-yielding cotton varieties for achieving 1,060-kg per hectare production target by 2015.... Italy sees no big impact of subprime crisis ROME, Sept 13: The Italian government does not expect the US subprime lending crisis to have any real effect on Italy’s economic growth or financial system, Infrastructure Minister Antonio Di Pietro said on Thursday.... Automakers focus on smaller cars FRANKFURT, Sept 13: This year’s Frankfurt motor show saw the world’s biggest car makers focused on smaller, more affordable models and turning more attention to emerging markets where demand was expected to surge.... China sets up anti-graft agency BEIJING, Sept 13: China on Thursday formally launched a new national bureau to battle government corruption through tightened monitoring of the financial activities of officials, state media said on Thursday.... ECB issues inflation warning FRANKFURT, Sept 13: The European Central Bank warned on Thursday that inflation still threatened the eurozone but said it wanted more data on financial market uncertainty before deciding whether to raise interest rates.... New IPO subscription record BEIJING, Sept 13: Bank of Beijing, China’s largest city bank, has attracted a record 1.9 trillion yuan ($253 billion) worth of subscriptions for an initial public offering (IPO), state media said on Thursday.... Investment outflow MANILA, Sept 13: Foreign investment in Philippines stocks, bonds and other financial instruments suffered a net outflow in August due to the global turbulence caused by the US sub-prime lending crisis, the central bank said on Thursday.... Trade service pact signed KARACHI, Sept 13: ABN AMRO Transaction Banking has signed an innovative partnership contract with Habib Metropolitan Bank (HMB) in Hong Kong, says a press release.... Euro, oil, housing crisis delay rate hike FRANKFURT, Sept 13: The ECB says it is ready to raise interest rates, but the euro’s strength along with record oil prices and uncertainty from the US home loan crisis has delayed a hike that now looks even less likely.... Brisk buying on cotton market KARACHI, Sept 13: Active trading was witnessed on the cotton market on Thursday as spinners and mills indulged in near-panic buying despite reports of higher crop estimates.After... Former Fed chief defends his policies, rebuffs critics NEW YORK, Sept 13: Former Federal Reserve chief Alan Greenspan says he had few tools to contain the spread of subprime mortgages, and dismisses critics who blame the Fed for keeping... Karachi Port operations KARACHI, Sept 13: Nine ships including a car carrier and to load ethanol are due to arrive at the outer anchorage on Friday, according to KPT sources.Berthing... Sri Lanka’s economy grows COLOMBO, Sept 13: Economic growth in Sri Lanka has accelerated despite a drought and an upsurge in the tropical island’s bloody ethnic conflict, according to data out on Thursday.... Asian stocks close mostly higher HONG KONG, Sept 13: Asian stocks closed barely higher on Thursday as investors held to the sidelines after oil struck a record high, and ahead of a probable cut in United States interest rates.... European shares drop LONDON, Sept 13: Europe’s main stock markets slid Thursday after the euro struck a record dollar high and oil prices surged above $80 a barrel in New York, threatening company profits, dealers said.London’s...

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