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September 15, 2007 Saturday Ramazan 2, 1428 Core inflation dips in August ISLAMABAD, Sept 14: The core inflation — non-food non-energy — exhibited the declining trend as it stood at 5.3 per cent in August 2007 as against 6.6... Stocks keep up rising trend in Ramazan KARACHI, Sept 14: Share prices have historically kept up rising trend during Ramazan, suggesting that faithfuls do keep one eye on the stock index while praying and making best efforts to seek divine blessings.... PM okays new industrial estate near capital ISLAMABAD, Sept 14: Prime Minister Shaukat Aziz has approved a proposal of establishing an industrial estate at the Chakri Interchange near Islamabad by the Overseas Pakistanis Foundation (OPF), in collaboration with the Government of Punjab.... US current account deficit narrows WASHINGTON, Sept 14: The US balance of payments deficit narrowed in the second quarter to $190.8 billion from 197.1 billion in the first quarter, the commerce department reported on Friday.The... Adoption of US accounting law sought ISLAMABAD, Sept 14: A research paper suggests that adoption of Oxley Act in Pakistan — US legislation for accounting and investor protection — will be more effective for transparent internal controls, creation of a better audit environment and increased value forinvestors.The... SMEs’ role in economic development acknowledged ISLAMABAD, Sept 14: Prime Minister Shaukat Aziz has said the small and medium businesses serve as an engine of growth and play a significant role in promoting the economic activities.Talking... Dollar firm against euro LONDON, Sept 14: The beleaguered US dollar firmed against the euro here on Friday, after plunging to a record low on Thursday, as the pound was battered by upheaval at key... Stocks shed 84 points on profit-taking KARACHI, Sept 14: Stocks on Friday took a technical breather as a section of investors indulged in profit-selling at the inflated levels on the oil and cement counters but unlike the previous sessions there were buyers at the dips.... US retail sales rise WASHINGTON, Sept 14: US retail sales rose a weaker-than-expected 0.3 per cent in August, data showed on Friday, suggesting US consumers are turning more cautious.Excluding volatile auto sales, the Commerce Department report showed a 0.4... US impatient with China CHICAGO, Sept 14: US Treasury Secretary Henry Paulson said on Friday he was “impatient with the pace of change in China” but warned Congress that trade sanctions could backfire.... USDA raises cotton crop estimates KARACHI, Sept 14: The US Department of Agriculture (USDA) has scaled up its production estimates for Pakistani cotton crop for 2007-08 to 14.08 million bales. According to Karachi Cotton Association here on... Indian inflation hits two-year low NEW DELHI, Sept 14: India’s inflation rate fell to a two-year low, official data on Friday showed, but economists expected the central bank to remain hawkish with global oil prices surging.The... CBR’s assurance to remove flaws ISLAMABAD, Sept 14: The Islamabad Chamber of Commerce and Industry (ICCI) has complained about flaws in the customs administration reforms system, owing to which clearance of iron and steel scrap was being delayed.This... PTCL profit drops 25pc to Rs15.64bn KARACHI, Sept 14: Pakistan Telecommunication Co Ltd (PTCL) on Friday reported a 24.7 per cent fall in net profit for 2006-07, as rising competition led to a decline in revenues from... Oil prices ease after hitting fresh peaks LONDON, Sept 14: New York oil prices fell on Friday on profit taking after striking a fresh record peak above $80 a barrel overnight on concerns over tight supplies of US crude, dealers said.... China seeks consultations with US at WTO BEIJING, Sept 14: China on Friday demanded consultations with the United States at the World Trade Organisation over a dispute involving coated paper, the commerce ministry said.The... NA urged to shun legislative lethargy ISLAMABAD, Sept 14: The Pakistan Institute of Legislative Development and Transparency has urged the National Assembly to delete the provisions of establishing anti-money laundering special courts under the law as it amounts to establishing a parallel judiciary.... Prices stay bullish on cotton market KARACHI, Sept 14: Cotton market on Friday showed firm trend as prices were quoted higher by Rs25 to Rs50 per maund as ginners held onto their unsold positions after fall in arrivals of phutti.... British bank rocked by panic withdrawals LONDON, Sept 14: Anxious customers of British bank Northern Rock rushed to withdraw their savings on Friday, forming lengthy queues in front of branches after the lender was bailed out by the Bank of England.... Karachi Port operations KARACHI, Sept 14: Four ships carrying crude oil, containers and coal are due to arrive at the outer anchorage on Saturday, according to KPT sources.Berthing activity at the wharves was active where seven ships, Eric G.... China makes fifth interest rate hike this year BEIJING, Sept 14: China’s central bank announced on Friday its fifth interest rate hike this year, after a slew of data showed the world’s fourth-largest economy was still racing ahead with inflation at a decade high.... EU-S. Korea trade talks SEOUL, Sept 14: South Korea said on Friday that it would make “utmost efforts” to narrow differences with the European Union during a third round of talks next week on a free trade agreement.... ICAP president KARACHI, Sept 14: Imran Afzal has been elected president of the Institute of Chartered Accountants of Pakistan (ICAP) for the year 2007-08.A press release by ICAP stated that the institute at... Japan says economy is recovering TOKYO, Sept 14: The Japanese government on Friday downgraded its view on business investment for the first time in 30 months but left its assessment of the economy unchanged in September.... Barclays partners back bid for ABN Amro LONDON, Sept 14: Shareholders in British bank Barclays on Friday backed a bid to acquire ABN Amro of The Netherlands after Barclays management assured them the deal would not be done at any price.... BD to invite bids for gas exploration DHAKA, Sept 14: Bangladesh plans to invite foreign firms for offshore gas exploration to meet soaring demand for energy to sustain the nation’s fast-growing economy, an official said on Friday.... Gold hits 16-month high LONDON, Sept 14: Gold bounced back to hit a 16-month high in late business on Friday as the dollar fell to near record lows versus the euro after the release of US data.It... Asian stocks higher HONG KONG, Sept 14: Asian stocks closed sharply higher on Friday amid a growing conviction the United States will cut interest rates and its economy will escape a major downturn.... Rwanda tea output up KIGALI, Sept 14: Rwanda’s tea production rose by 21 per cent to 12.9 million kg in the first seven months of 2007 due to good rains, the Tea Board said on Friday.The... European shares lower LONDON, Sept 14:Europe’s main stock markets slid on Friday, with British home lender Northern Rock shedding a quarter of its market value after relying on the Bank of England to solve its lack of liquidity.London’s...

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