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October 13, 2007 Saturday Ramazan 30, 1428 PVMA asks govt to cut taxes on ghee ISLAMABAD, Oct 12: The Pakistan Vanaspati Manufacturers Association (PVMA) on Friday urged the government to intervene to save consumers from record increase in prices of vegetable ghee and cooking oil.... Rs74 billion fresh notes fail to satisfy demand KARACHI, Oct 12: Despite issuance of fresh currency notes worth over Rs74 billion during Ramazan to meet the demand of the general public on Eidul Fitr, illegal sale of such notes is continuing....   SBP changes branch licencing policy KARACHI, Oct 12: The State Bank has once again introduced changes in its branch licencing policy aiming at expanding its operations to remotest areas and maximum people across the country.... Islamic mutual funds KARACHI, Oct 12: National Fullerton Asset Management Ltd (Nafa) will launch two open-end Islamic mutual funds by the end of the this month.... US retail sales rise as consumers boost spending WASHINGTON, Oct 12: US retail sales, a crucial motor of economic growth, rose a stronger-than-expected 0.6pc last month as American consumers boosted their spending, a government report showed on Friday.... Wheat tender KARACHI, Oct 12: The Trading Corporation of Pakistan (TCP) has floated second tender for import of 50,000 metric tons of wheat to meet domestic demand. The bidding will be held on Oct 29 at the boardroom of the corporation in Karachi.—APP... State Bank withdraws benefit against NPLs KARACHI, Oct 12: The State Bank has withdrawn benefit of Forced Sale Value (FSV) against all non-performing loans (NPLs) for calculating and provisioning requirement.... Dollar edges higher against euro LONDON, Oct 12: The dollar edged slightly higher against the euro here on Friday but remained under heavy pressure and failed to take full advantage of stronger-than-expected data from the United States.... WB okays $75m funds for poverty reduction ISLAMABAD, Oct 12: The World Bank on Friday approved an additional financing of $75 million to the Second Poverty Alleviation Fund (PPAF) Project, a programme that impacted lives of more than 10 million people since it began operation in 2000.... Chidambaram surprised at market’s steep rise NEW DELHI, Oct 12: India’s finance minister expressed surprise on Friday over a steep rise in the country’s benchmark stock market index and said he expected things to cool down.... Prices go up as poultry,meat demand increases KARACHI, Oct 12: As Eid is just a day away, meat-sellers are having a field day and have increased prices to take an advantage of the increase in the demand for red and white meat.... Oil prices surge on Iraq unrest LONDON, Oct 12: World crude prices surged within sight of new all-time record highs on Friday amid increasing tensions between Turkey and Kurdish rebels in oil-producer Iraq, traders said.... IMF set for tough talks next week BERLIN, Oct 12: IMF policymakers are set for tough talks next week on reforming the IMF’s mechanism to determine national contributions -- or quotas -- in the face of rising demands from emerging countries, a German official said Friday.... Credit, inflation in focus ahead of G7 moot LONDON, Oct 12: Investors around the world are on tenterhooks to see what lasting impact the global liquidity crunch has had on the broader economy and this uncertainty has clouded the outlook for interest rates.... GE profit jumps 14pc NEW YORK, Oct 12: General Electric, the conglomerate seen as a microcosm of the US economy, reported on Friday a healthy 14 per cent jump in third-quarter earnings, shaking off woes from the housing slump and credit squeeze.... Lint trading gets slow on delivery problems KARACHI, Oct 12: Trading activity on the cotton market on Friday was slow in the absence of fresh buying orders from the spinners and mills owing mainly to delivery problems.... Ethanol project MAPUTO, Oct 12: Africa’s biggest ethanol production project, valued at $510 million will be developed in Mozambique from next year, Agriculture Minister Erasmo Muhate said on Friday.... Asian stocks close lower HONG KONG, Oct 12: Asian stocks closed lower across the region with benchmarks tumbling off record highs on Friday, following overnight falls on Wall Street and fears of a major correction.... Malaysian palm oil up KUALA LUMPUR, Oct 12: Malaysian crude palm oil futures climbed nearly 2 per cent on Friday as strengthening soybean oil and crude markets spurred players to take positions ahead of the long weekend.... European stocks slip LONDON, Oct 12: Europe’s main stock markets fell Friday on profit-taking before the weekend break, mirroring overnight falls on Wall Street and earlier in Asia, analysts said....

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