DAWN - Business; November 13, 2007

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November 13, 2007	Tuesday	Ziqa’ad 02, 1428

Banks ready to bail out textile industry KARACHI, Nov 12: The banks are ready to bail out the crisis-ridden textile industry provided the government takes complementary and long-term corrective measures to ensure their future viability....		Duty cut to have small impact on local rates: Ghee, cooking oil KARACHI, Nov 12: The 10 per cent duty cut on palm oil imports to be effective from January 1, 2008 under the Free Trade Agreement (FTA) reached between Pakistan and Malaysia...

120 per cent fall in advances by banks KARACHI, Nov 12: Advances of banks have fallen sharply by 120 per cent during last 10 months, reflecting the significantly slow flow of liquidity towards industry and businesses....		Oil prices dive as Opec hints output hike LONDON, Nov 12: World oil prices tumbled on Monday after Opec kingpin Saudi Arabia said over the weekend that the oil cartel might raise output to help combat high energy rates, analysts said....

Stocks regain 232 points after election schedule KARACHI, Nov 12: The stock market on Monday welcomed the announcement of holding of national elections in the first week of January next as investors covered positions at the lower levels...		Exporters oppose WB proposal on GST KARACHI, Nov 12: The Pakistan Tanners Association (PTA) has strongly opposed World Bank’s suggestion for abolishing zero rating sales tax system for five major export-oriented industries....

Notification issued on Competition Commission ISLAMABAD, Nov 12: The government here on Monday issued the much-awaited notification to formally set up the Competition Commission, along with the appointment of its five members, including chairman, with a view to effectively regulate businesses across Pakistan....		FBR chief granted three-year extension ISLAMABAD, Nov 12: The government on Monday granted three years’ extension to Abdullah Yousuf as chairman Federal Board of Revenue (FBR) just three days ahead of the completion of the current democratic government....

Govt offers 10pc duty cut on palm oil import ISLAMABAD, Nov 12: Commerce ministry has announced to reduce customs duty on import of palm oil from Malaysia by 10 per cent on margin of preference (MOP) basis from January 1,...		KSE seeks extension in tax waiver KARACHI, Nov 12: The Karachi Stock Exchange (KSE) forwarded a letter to the Prime Minister on Monday, seeking exemption period for levy of capital gains tax (CGT) and lifting the limit under continuous funding system (CFS)....

Japanese companies plan fresh investment ISLAMABAD, Nov 12: Several Japanese companies have announced to make new investments or expand their business activities in Pakistan, says an expert of Japan External Trade Organisation (Jetro)....		Dollar tumbles LONDON, Nov 12: The dollar hit an 18-month low against the yen on Monday as jitters over the US sub-prime mortgage crisis led investors to suspend carry trades that depress the Japanese unit, dealers said....

Dumping rules BRUSSELS, Nov 12: EU’s trade chief will move soon to amend the bloc’s anti-dumping rules, but will face a struggle over the hotly contested issue of redefining what is a “European company” in an age of offshore production....		Eurozone PARIS, Nov 12: Interest rates in eurozone could rise if financial turbulence sparked by the US home loan crisis is contained, the IMF predicted on Monday....

Dredger KARACHI, Nov 12: The Karachi Port Trust (KPT) has procured a new trailer suction hopper dredger, named “Abul.”...		Buyers remain active on cotton market KARACHI, Nov 12: Trading on the cotton market on Monday resumed on steady note as spinners and mills continued to make fresh covering purchases at the declining prices....

China trade surplus hits $27bn BEIJING, Nov 12: China said on Monday its politically sensitive trade surplus in October topped $27 billion for the first time, data sure to add to mounting pressure by the US and EU over Chinese trade policies....		India’s industrial output NEW DELHI, Nov 12: India’s industrial output rose 6.4 per cent in September, a sharp slowdown from 12 per cent in the same month a year ago as manufacturing and power production weakened, official data showed on Monday....

Karachi Port operations KARACHI, Nov 12: Nine ships carrying DAP fertiliser, steel, coils and containers are due to arrive at the outer anchorage on Tuesday, according to KPT sources....		Port Qasim KARACHI, Nov 12: Four ships carrying containers, coal and diesel oil were accommodated berths during the last 24 hours, said a PQA press release on Monday....

Borse Dubai bid for OMX approved STOCKHOLM, Nov 12: The Swedish financial market regulator on Monday said it had approved a bid by the Emirates-based Borse Dubai to become the official owner of the Nordic and Baltic stock exchange OMX....		Asian stocks close sharply lower HONG KONG, Nov 12: Asian stocks slumped on Monday after a US sell-off over fears about a credit crunch cast a pall over investor sentiment, with Tokyo sliding to a 15-month low....

London gold prices fall LONDON, Nov 12: Gold fell more than 2 per cent on Monday, as weaker oil prices and recovery in the dollar prompted investors to take profits from the metal’s recent 28-year highs....		London stocks higher LONDON, Nov 12: London shares rose on Monday, pushing to one side a tumble by Asian stocks and more pain on Wall Street caused by a global credit crunch....

Karachi market rates KARACHI, Nov 12: The following were Monday’s commodity market rates in rupees....		Wheat import NEW DELHI, Nov 12: India, the world’s second biggest wheat producer, floated a global tender on Monday to purchase 350,000 tons of the grain to replenish buffer stocks used to feed its hungry poor....