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October 18, 2007 Thursday Shawwal 5, 1428 IMF lowers global growth forecast WASHINGTON, Oct 17: The International Monetary Fund on Wednesday slashed its 2008 global economic forecast, warning that turbulence stemming from a crisis in the US housing sector could crimp growth worldwide.... Food inflation at 7-year high KARACHI, Oct 17: Rampant price escalation placed the food inflation at seven-year high in September 2007....   UBL sponsors to acquire 5pc more shares KARACHI, Oct 17: The sponsors of United Bank Limited (UBL) — the Abu Dhabi Group and Bestway Group — are considering jointly acquiring another five per cent shares of the Bank... Benazir’s arrival Industrialists fear 30pc drop in attendance KARACHI, Oct 17: The expected arrival of former prime minister Benazir Bhutto has created some economic activity, like booking of halls, procurement of tents and placement of huge food orders for political workers.... Oil hits $89 on sizzling Middle East tensions LONDON, Oct 17: Oil prices jumped on Wednesday to a record high $89 on simmering tensions in the crude-rich Middle East that could further stretch tight global energy supplies, traders said.... Pakistan to raise Rs15bn in bond auction KARACHI, Oct 17: Pakistan’s central bank said on Wednesday it planned to raise Rs15 billion ($247.44 million) through an auction of long-term government bonds this month.... Talks on free trade with Europe next year ISLAMABAD, Oct 17: Pakistan and European Free Trade Association (EFTA) have agreed to hold the next round of talks in 2008 on increasing volume of bilateral trade, investment flows and services.... Mealybug to cost farmers Rs8bn in Punjab ISLAMABAD, Oct 17: Farmers in Punjab would have to invest a minimum Rs8 billion to control mealybug, which has damaged 40 per cent of the province’s cotton yield, shows a research conducted by an Islamabad-based university.... Mango exports set record LAHORE, Oct 17: Pakistan’s mango exports hit a new record this season, which terminated by mid-October, by sending out 135,000 tons of fruit and beating the previous highest of 105,000 tons.... Dollar under pressure LONDON, Oct 17: The euro firmed against the dollar on Wednesday as new economic data put the greenback under pressure and as the foreign exchange market awaits this week’s meeting of G7 finance ministers.... Pakistan to attend freight forwarders’ meeting KARACHI, Oct 17: For the first time, Pakistan is going to participate in the meeting of the Federation of International Freight Forwarders Association (FIATA) being held in Dubai from Oct 18 to 20.... China’s inflation high BEIJING, Oct 17: China’s government signalled on Wednesday that prices were rising sharply despite a range of policies aimed at cooling inflation and the economy in general.... Stocks rise by 126 points in post-Eid trading KARACHI, Oct 17: Trading on the stock market on Wednesday resumed on a bullish note as post-Eid session witnessed a flurry of fresh buying orders on the perception that political uncertainty... Cotton market lacks trading interest KARACHI, Oct 17: The post-Eid session on the cotton market finished on a dull note as brokers and ginners remained busy in exchanging Eid greetings rather than resuming normal trading activity.... Karachi Port operations KARACHII, Oct 17: Six ships carrying DAP fertiliser, containers and crude oil are due to arrive at the outer anchorage on Thursday, according to KPT sources.... IMF urges Chinese currency flexibility WASHINGTON, Oct 17: The International Monetary Fund said on Wednesday that further “upward flexibility” of the Chinese currency and other exchange rate reforms were needed to help unwind global financial imbalances.... Budget deficit MANILA, Oct 17: After three consecutive months of surpluses, the Philippines posted a budget deficit of 14.5 billion pesos ($326.3m) in September, the government said on Wednesday.... US consumer prices up WASHINGTON, Oct 17: US consumer prices rose 0.3 per cent in September as a broad range of increases kept up moderate inflation pressures, Labour Department data showed on Wednesday.... Cellphone operators asked to close down 11 franchises ISLAMABAD, Oct 17: In a continued bid to thwart the sale of new mobile phone SIMs without proper documentation, Pakistan Telecommunication Authority (PTA) on Wednesday directed five GSM mobile phone operators... Chinese drive SHANGHAI, Oct 17: China’s central bank intensified its campaign to curb excessive liquidity by ordering selected smaller lenders to set aside money with the central bank as special deposits, state press said on Wednesday.... US housing starts tumble WASHINGTON, Oct 17: US housing starts sank 10.2 per cent in September to a 14-year-low, government data showed on Wednesday, suggesting the struggling property market is still under pressure.... Singapore exports up SINGAPORE, Oct 17: Singapore’s key exports rose a mild 2.2 per cent in September as higher shipments of pharmaceuticals helped counter a sustained fall in exports of computer parts and other electronic goods, the government said on Wednesday.... Asian stocks close mostly lower HONG KONG, Oct 17: Asian stocks extended their losses in most markets on Wednesday with record oil prices and renewed fears in the US mortgage market resulting in another sell-off on Wall Street overnight.... Gold steady in London LONDON, Oct 17: Gold steadied on Wednesday, staying within striking distance of a 28-year high, with firm oil prices and tensions in northern Iraq underpinning sentiment.... Palm oil futures tumble KUALA LUMPUR, Oct 17: Malaysian palm oil futures dropped nearly 2 per cent in a swift reversal as brisk profit-taking pulled the market off record highs hit the previous day, traders said.... Port Qasim KARACHI, Oct 17: Four ships carrying containers, carbon oil and chemicals were accommodated berths during the last 24 hours, said a PQA press release on Wednesday....

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