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September 30, 2007 Sunday Ramazan 17, 1428 SECP agrees to exclude money market, banking : Draft FSC Act ISLAMABAD, Sept 29: In an attempt to ease the tension between the State Bank of Pakistan (SBP) and Securities and Exchange Commission of Pakistan (SECP) over the Draft Financial Services Commission... Current account gap shrinks in July-Aug ISLAMABAD, Sept 29: The current account deficit shrank by $562 million to $1.434 billion in the first two months (July-August) of the current fiscal year as against $1.996... Daunting tasks ahead for next IMF chief WASHINGTON, Sept 29: Dominique Strauss-Kahn, the next head of the International Monetary Fund, faces the daunting task of redefining a 185-nation institution increasingly seen as irrelevant.... Pakistan’s rice exports to Turkey may go up ISLAMABAD, Sept 29: Pakistan will increase export of rice to Turkey in the wake of dispute settlement body of WTO decision asking Ankara to remove burdensome procedures and implicit barrier to market access.... Software upgraded to stop bogus vehicle registration KARACHI, Sept 29: The facility for motor vehicle registration will be extended to all 26 district headquarters of the province after the completion of computerisation project launched by the ministry of excise and taxation.... IT deduction on rental income ISLAMABAD, Sept 29: The Federal Board of Revenue (FBR) on Saturday notified the deduction of income tax on rental income or hiring claims.... China sets up company to manage $200bn forex BEIJING, Sept 29: China launched on Saturday a long-anticipated state-owned investment company that is intended to manage around $200 billion, or nearly one sixth of the nation’s massive foreign exchange reserves.... Central banks’ influence over longer term rates ebbing AMSTERDAM, Sept 29: The world’s major central banks are less likely to influence long-term interest rates, which partly explains the build-up of excess liquidity in debt markets, former Federal Reserve chairman Alan Greenspan said on Saturday.... New act not to minimise SBP powers KARACHI, Sept 29: Securities and Exchange Commission of Pakistan (SECP) finally appeared on Saturday with explanation about the much talked about and most disputed the proposed power sharing Financial Act.... Inflation forecasts LJUBLJANA, Sept 29: The newest euro zone member Slovenia on Saturday raised its 2007 inflation forecast to 4.3 per cent year-on-year from 3.2 per cent forecast in July, Finance Minister Andrej Bajuk said.... Chronology of 2007 credit crunch LONDON, Sept 29: The severe financial market credit squeeze that emerged in early August had been brewing all year and policymakers warn of long-term consequences for the world economy.... SBP changes rule to accept bids KARACHI, Sept 29: The State Bank on Saturday introduced changes to accept the treasury bills and other government papers.... Nepra’s role in attracting investment ISLAMABAD, Sept 29: Prime Minister Shaukat Aziz on Saturday acknowledged National Electric Power Regulatory Authority’s (Nepra) role in facilitating new investment in the power sector which was direly needed to meet the growing energy needs of the country.... China central bank to issue 100bn yuan bills SHANGHAI, Sept 29: China’s central bank plans to issue over 100 billion yuan ($13.3 billion) of three-year bills after next week’s long holiday to absorb funds from the money market, market sources said on Saturday.... Hectic buying on cotton market KARACHI, Sept 29: Firm trading conditions were again witnessed on the cotton market on Saturday as spinners and mills demonstrated in more than one ways that they were willing buyer of any quantity of lint at the current rates.... Karachi Port operations KARACHI, Sept 29: Ten ships including those whose arrivals were delayed carrying containers, coal and to load molasses are due to arrive at the outer anchorage on Sunday, according to KPT sources.... Port Qasim KARACHI, Sept 29: Two ships to load cement and unload containers arrived at the outer anchorage, while two ships carrying chemicals and containers were accommodated berths during the last 24 hours, said a PQA press release on Saturday.... S. Arabia expected to meet rising oil demand RIYADH, Sept 29: Producing more than five million barrels a day for decades now, the Ghawar oil field of Saudi Arabia, the world’s largest oil field, is crucial to global energy balance.... China returns pest infested US soyabeans HONG KONG, 29 Sept: China, the world’s top soy importer, returned 460 tons of soyabeans to the United States as the parcel contained live khapra beetles, one of the most destructive pests for grains, the China Daily said on Saturday.... US sugar NEW YORK, Sept 29: Speculators in US sugar futures have built up a net long position in New York-traded futures of the commodity for the first time in six-weeks as prices neared 2-month highs, trade data on Friday showed.... Germany expects balanced budget FRANKFURT, Sept 29: Germany expects an essentially balanced budget this year, for the first time since its reunification in 1990 and nearly three years ahead of schedule, a finance ministry spokesman said on Friday.... India’s Reliance Energy plans $3.5bn IPO NEW DELHI, Sept 29: India’s Reliance Power Ltd is planning an initial public offering to raise as much as $3.5 billion, which would be the country’s biggest ever IPO, reports said on Saturday.... Europe’s economic outlook darkens BRUSSELS, Sept 29: Europe’s economic outlook darken on Friday as business and consumer confidence plunged in the face of a surging euro, record oil prices and volatile financial markets.... US issues new rules for down payments WASHINGTON, Sept 29: The largest homebuyer assistance programme run by the US government will ban a popular form of downpayment under new rules, the head of the programme said on Friday....

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