DAWN - Business; November 15, 2007

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November 15, 2007	Thursday	Ziqa’ad 04, 1428

Foreigners withdraw $88m equity investment in 3 days KARACHI, Nov 14: Foreign investors pulled back $88 million from the country’s equity market in the first three trading days this week, including which the outflow of total foreign portfolio investment...		Rupee hits three-year low against dollar KARACHI, Nov 14 The US dollar on Wednesday put Pakistani rupee at three-year low, forcing it to shed 22 paisas against the greenback which was the first market-oriented major devaluation of rupee during the last three years....

Japanese car assemblers to ocurtail production KARACHI, Nov 14: Japanese car assemblers after rescheduling their production plans have revised their parts procurement schedule from their local vendors for November-December period in view of crisis-like situation in the country after the imposition of emergency....		Oil gains $2 as Opec rules out output hike LONDON, Nov 14: World oil prices surged on Wednesday as Opec chief Abdallah al-Badri rejected US calls for the cartel to increase output to help cool the market....

Govt in a fix over oil price issue ISLAMABAD, Nov 14: On the last day of its tenure, the government is faced with the dilemma of taking a tough decision to increase oil prices at the cost of attracting...		Talks with Russia on import ban delayed ISLAMABAD, Nov 14: A team of Russian experts, which was scheduled to arrive here on Thursday to discuss lifting of a ban on import of fruits and vegetables from Pakistan, has...

Duty hike on fortified rosin sought ISLAMABAD, Nov 14: A local manufacturer of fortified rosin has approached the National Tariff Commission (NTC) for removal of anomaly relating to customs duty on import of raw materials and finished product....		China penetrating in US home textile market KARACHI, Nov 14: As China continues to gain increasing Pakistani share in the US market for home textiles, local exporters are concerned at Chinese advancement at their cost....

Power plant ISLAMABAD, Nov 14: Atlas Power Limited (APL) has achieved financial closure of its $169 million 225 MW thermal power plant to be set up near Sheikhupura....		Dollar falls against eruo LONDON, Nov 14: The dollar fell close to a new record low against the euro here on Wednesday as a weak US retail sales figure bolstered speculation of another cut in US interest rates by the Federal Reserve....

KSE 100-share index plunges 306 points KARACHI, Nov 14: The KSE 100-share index on Wednesday plunged by 2.25 per cent or 306 points on nervous selling apparently overwhelmed by the election uncertainties and worries about the law...		WTO talks today GENEVA, Nov 14: Developing states trade ministers will meet in Geneva on Thursday amid increasing pessimism on chances for a breakthrough in multilateral trade liberalisation talks at the WTO....

Global tension over currencies growing OTTAWA/LONDON, Nov 14: Global tensions over currencies are growing and will dominate this weekend’s meeting of the Group of 20 nations, but any coordinated action plan is unlikely, British and Canadian policy-makers said on Wednesday....		Postings in FBR ISLAMABAD, Nov 14: The government on Wednesday appointed new member customs and a chief collector for the North region....

Price hike fears trigger massive cotton buying KARACHI, Nov 14: Active trading was again witnessed on the cotton market on Wednesday as spinners and mills were not inclined to take even a technical breather amid fears of another price flare-up....		Karachi Port operations KARACHI, Nov 14: Three ships carrying containers and to load cement are due to arrive at the outer anchorage on Thursday, according to KPT sources....

Turkish central bank cuts key rate ANKARA, Nov 14: Turkey’s Central Bank on Wednesday slashed its key overnight borrowing rate by 50 basis points to 16.25 per cent on expectations that inflation will fall....		Vehicle clearance ISLAMABAD, Nov 14: The Federal Board of Revenue (FBR) has allowed clearance of imported vehicles till November 30, 2007....

European banks face bigger risks FRANKFURT, Nov 14: European banks face increased risks in the second half of 2007 as a result of the US subprime meltdown, the European Central Bank warned on Wednesday....		German economy FRANKFURT, Nov 14: German economic growth reached 0.7 per cent in the third quarter, but a slowdown is still looming in the eurozone’s biggest economy, analysts said on Wednesday....

US retail sales make small gains WASHINGTON, Nov 14: US retail sales, a vital component of economic growth, showed a tepid gain of 0.2 per cent in October as American consumers moderated their spending, a government report revealed on Wednesday....		Asian stocks close up in broad recovery HONG KONG, Nov 14: Asian stocks closed up on Wednesday as they staged a recovery from a mauling earlier in the week, buoyed by a Wall Street surge and falling crude oil prices....

European shares rebound LONDON, Nov 14: European stocks rebounded strongly on Wednesday after Asian and US share prices fought back from heavy losses linked to concerns over the global credit squeeze....		Palm oil prices higher KUALA LUMPUR, Nov 14: Malaysian crude palm futures ended higher on Wednesday as gains in soyaoil and crude oil markets supported prices....