DAWN - Business; September 27, 2007

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September 27, 2007	Thursday	Ramazan 14, 1428

Banks buy T-bills despite cash shortage KARACHI, Sept 26: Amid prevailing tight liquidity position owing to Eid-related massive withrawals, banks still find it attractive to invest in long-term treasury bills....		Businessmen call for foolproof security: Rising crimes hit trade KARACHI, Sept 26: Perturbed by violent incidents of street crimes business leaders of Karachi consulted with authorities on Tuesday to discuss ways to bring about improvement in the security situation on roads in the city....

EU keeps close eye on French deficit BRUSSELS, Sept 26: The European Commission said on Wednesday it was keeping a close eye on French public finances to avoid “slippage,” after President Nicolas Sarkozy’s government unveiled its first budget....		Pharma sector demands relief package ISLAMABAD, Sept 26: The pharmaceutical manufacturers have asked the government to consider a relief package for the industry to make products competitive in international market....

TCP clarifies KARACHI, Sept 26: The Trading Corporation of Pakistan has stated that the imported wheat is expected to arrive in eight to 10 weeks for which tenders have been issued by the TCP....		Kuwaiti firm to build 225MW power plant ISLAMABAD, Sept 26: Am Power Company, a Kuwait-based company, intends to build 225MW combined cycle power project located at the Sundar Industrial Estate at an estimated cost of $200 million....

Indian cotton sale may go up NEW DELHI, Sept 26: India’s cotton trade will enjoy a windfall in the new season as country’s exporters anticipate a longer queue of overseas buyers because of supply shortfalls in other leading producing nations....		Oil prices dip as US inventories increase LONDON, Sept 26: Oil prices dropped on Wednesday after the US government revealed that crude stockpiles had risen for the first time in almost three months last week in the United States....

S. Arabia mulls de-pegging from dollar RIYADH, Sept 26: Saudi Arabia recorded a budget surplus of $77.5 billion in 2006, the Saudi Arabian Monetary Agency said in a report on Wednesday....		Raw materials exempted from duty ISLAMABAD, Sept 26: The Federal Board of Revenue (FBR) has exempted import of raw materials used in the manufacturing of various products from customs duty....

Leaffolder threat to Sindh paddy crop prevented KARACHI, Sept 26: The provincial agriculture ministry with the support of farmers has successfully thwarted the major threat of ‘Leaffolder’ virus which could have damaged the major portion of the Sindh’s main cash paddy crop — Irri-6....		Dollar dives to fresh record low against euro LONDON, Sept 26: The dollar plunged to another all-time low on Wednesday against the European single currency on growing concerns over the United States economy....

Norway raises interest rate OSLO, Sept 26: The Norwegian central bank said on Wednesday it had raised its key interest rate a quarter of a point to 5.00 per cent to prevent an overheating of the economy, bucking a trend seen in other Western countries....		Stocks perk up shrugging off overnight sluggishness KARACHI, Sept 26: Stocks on Wednesday staged a smart rally as investors made active short-covering in the leading oil and banking shares at the lower levels which put the market back on the rails....

China cutting trade barriers, says IFC report BEIJING, Sept 26: China has become a leader in tearing down barriers to business, but lots of red tape remains, a report from the private investment arm of the World Bank said on Wednesday....		Karachi Port operations KARACHI, Sept 26: Four ships carrying DAP fertiliser, containers and crude oil are expected to arrive at the outer anchorage on Thursday, according to KPT sources....

Indian sugar output NEW DELHI, Sept 26: India is likely to produce more than 30 million tons of sugar in the new season beginning in October, up from an estimated 28.3...		Africa urged greater use of resources GENEVA, Sept 26: Africa should dig deeper into its pockets to generate growth and halt the flight of capital which represents a sum almost double the continent’s total debt, a United Nations report said on Wednesday....

Vigorous trading on cotton market KARACHI, Sept 26: Brisk trading was witnessed on the cotton market on Wednesday as spinners and mills continued to build up long positions at the current levels amid fears of fresh price flare-up....		Record visitors SINGAPORE, Sept 26: Singapore said on Wednesday a record 911,000 visitors went to the city-state in August, the highest ever for that month.Last month’s arrivals were 4.7...

Gold firm in Europe LONDON, Sept 26: Gold firmed in Europe on Wednesday, consolidating a recent run to 28-year peaks, with underlying support from an ailing dollar hitting record lows versus the euro....		Asian stocks higher HONG KONG, Sept 26: Asian stocks closed mostly higher on Wednesday as they basked in the afterglow of last week’s sharp cut in US interest rates and despite lingering concerns about global economic prospects....

Palm oil prices lower KUALA LUMPUR, Sept 26: Malaysian crude palm oil futures dropped 1.6 per cent on Wednesday as investors paused to book profits after the market scaled a near four-month high earlier in the week....		European shares climb LONDON, Sept 26: Europe’s main stock markets jumped higher on Wednesday thanks to takeover talk in the banking, travel and stock exchange sectors, dealers said....