DAWN - Business; November 20, 2007

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November 20, 2007	Tuesday	Ziqa’ad 09, 1428

WB wants hike in gas rates, cut in subsidies ISLAMABAD, Nov 19: The World Bank has advised Pakistan to reduce subsidies and increase gas rates for domestic consumers to be able to absorb the much higher cost of proposed gas...		New national employment policy delayed ISLAMABAD, Nov 19: The new national employment policy, which was expected to be announced by the caretaker government, has been delayed till the formation of a new political setup in the country....

Liquidity shortage pushes lending rates up KARACHI, Nov 19: Banks have been facing serious shortage of liquidity, which further pushed the lending rates up while heavy discounting was witnessed on Monday, market sources said....		Cotton output down due to slow arrivals in Punjab KARACHI, Nov 19: Arrival of phutti (seed cotton) in Sindh remained on higher side but lesser picking in Punjab had adverse impact on overall momentum, which fell 13.41...

Oil shares lead recovery drive on stock market KARACHI, Nov 19: Stocks on Monday staged a snap recovery on active short-covering in the leading oil shares triggered by reports of removal of $50 ceiling on oil pricing formula and...		Prices of sugar, other items increase ISLAMABAD, Nov 19: Prices of 19 essential kitchen items, including sugar, witnessed an upward trend during the week ending Nov 17 over previous week, according to statistics released by the Federal Bureau of Statistics (FBS) here on Monday....

G20 stresses fruitful farm talks to end impasse ISLAMABAD, Nov 19: The G20 group of developing countries has asked for substantial outcome in the farm negotiations for making breakthrough in the stalled negotiation of Doha Development Round....		Companies decide to book capital gains KARACHI, Nov 19: Adamjee Insurance Company Limited proposes to hold an extraordinary general meeting on Thursday, to seek shareholders’ approval for raising the value of its investments on the balance sheet from book value to ‘mark-to-market’ prices....

Oil prices gain after Opec summit LONDON, Nov 19: World oil prices extended gains on Monday amid tight crude supplies heading into the northern hemisphere winter, traders said. New York’s main contract, light sweet crude for January delivery, climbed 72 cents to $94.56...		Rs2.94bn taxes collected in Sindh KARACHI, Nov 19: The Sindh excise and taxation department collected Rs2.94 billion taxes and levies in the first four months of the current fiscal year which is 13 per cent more than Rs2.55...

SCIL raises Rs1.1bn through Sukuk KARACHI, Nov 19: The Sitara Chemical Industries Limited (SCIL) has raised Rs1.1 billion through Shariah compliant Sukuk bonds. A signing ceremony was held on Monday between SCIL and the Sukuk Investors at AMZ offices to mark the transaction close....		Dollar steady against euro LONDON, Nov 19: The dollar was stable against the euro here on Monday but was under pressure from the impact of disappointing US economic data released last week and an agreement...

Active trading on cotton market KARACHI, Nov 19: Trading on the cotton market on Monday resumed on a steady note as spinners and mills continued to cover their forward positions against their foreign sales of yarn and textiles....		1st Islamic property deal in Japan TOKYO, Nov 19: A Japanese company on Monday completed a property deal with a Kuwait-based firm seen as the first in Japan in compliance with Islamic law, in a bid to bring in more money from the oil-rich Gulf....

Asian stocks close mostly lower HONG KONG, Nov 19: Asian stocks closed mostly lower on Monday as worries about a US economic slowdown after a major credit crunch weighed on investors, sending Japan’s stock market to its lowest level this year....		Malaysian palm oil rises KUALA LUMPUR, Nov 19: Malaysian crude palm futures rose 1.6 per cent on Monday as financial players took up new positions after crude and rival soyaoil markets chalked up gains in Asian trade, traders said....

European shares stumble LONDON, Nov 19: Europe’s stock markets stumble on Monday at the start of a new trading week, after a difficult start for Asian share prices as concerns linger about the impact of the credit crunch on the world economy....		Gold prices higher LONDON, Nov 19: Gold rose on Monday with oil prices, but the dollar’s slight rally against the euro sapped momentum and capped gains below the $800 mark....

Karachi market rates KARACHI, Nov 19: The following were Monday’s commodity market rates in rupees....		Company news NEW YORK, Nov 19: US banking titan Citigroup may have to write off $15 billion in soured investments including mortgage losses in coming months, a report by Goldman Sachs predicted on Monday.Citigroup,...