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December 06, 2007 Thursday Ziqa'ad 25, 1428 Heavy govt Borrowings pushing up inflation KARACHI, Dec 5: The government made heavy borrowings from the banking system for budgetary support during the first five months of the current fiscal year amid mounting pressure arose from high international oil prices.... Oil prices ease after racing higher LONDON, Dec 5: Oil prices came off their highs on Wednesday, giving up some of the sharp early gains made on news that Opec would not hike output after all, dealers said....   Parco may Reverse decision on LPG price KARACHI, Dec 5: The Pak Arab Refinery Limited (Parco) has reportedly received instructions from the caretaker government to reverse its decision on increase in LPG prices.... Hike in gas tariff to add woes of industry KARACHI, Dec 5: Oil and Gas Regulatory Authority (Ogra) has been accused of only promoting government’s interest at the cost of consumers.... Opec ignores calls for output hike ABU DHABI, Dec 5: Opec froze oil output levels on Wednesday, resisting calls for a hike to help cool sky-high prices that have flirted with $100 and which threaten to dampen global economic growth.... Working of tax reforms officials to be monitored ISLAMABAD, Dec 5: The Board-in-Council (BIC) — an apex tax body — has constituted a committee to monitor and evaluate the performance of consultants hired under the World Bank-funded tax reforms administration project.... Kinnoo export to Russia resumes LAHORE, Dec 5: First kinnoo container was dispatched to Russia after a year of ban on Pakistani farm products by the Russian Phytosanitary Department, say officials of the Pakistan Horticulture Development and Export Board.... SBP chief upbeat on growth despite political turmoil FRANKFURT, Dec 5: Pakistan’s economy should grow at least 7 per cent in the year to June 2008, central bank chief Shamshad Akhtar said on Wednesday, despite the political turmoil besetting the nation.... Port projects KARACHI, Dec 5: Minister for Ports and Shipping Dr Fahimuddin Ansari visited KPT head office on Wednesday and met KPT chairman vice admiral Ahmad Hayat.... Rising euro PARIS, Dec 5: French Economy Minister Christine Lagarde said she will question on Wednesday EADS chief Louis Gallois about the rising euro after he suggested the aerospace company would move production to dollar-based zones.... Expo Pakistan KARACHI, Dec 5: Expo Pakistan is going to be held from March 13 to 16 next year, in which a large number of foreign buyers are expected to participate.This... 100-share index sustains gains above 14,000-level KARACHI, Dec 5: The KSE 100-share index on Wednesday consolidated gains well above the barrier of 14,000 points on the strength of higher corporate results and year-end short-covering by the financial institutions.... WB loans for Indonesia JAKARTA, Dec 5: Indonesia will receive loans amounting to $800 million to deepen reforms and improve economic conditions in Southeast Asia’s largest economy, the World Bank announced on Wednesday.... Lint prices surge on active demand KARACHI, Dec 5: Trading on the cotton market on Wednesday picked up as spinners covered their forward positions against foreign sales amid predictions of price flare-up aided by a short crop.... Dollar firmer on strong US data LONDON, Dec 5: The dollar was firmer against the euro on Wednesday, bolstered by strong US data as the market waited for interest rate decisions on Thursday in Britain and the eurozone, dealers said.... Karachi Port operations KARACHI, Dec 5: Three ships carrying containers and to load molasses are due to arrive at the outer anchorage on Thursday, according to KPT sources.... Port Qasim KARACHI, Dec 5: Five ships scheduled to load/offload containers, cement, crude oil and iron ore were allotted berths during the last 24 hours, said a PQA press release on Wednesday.... US urges China to revalue currency WASHINGTON, Dec 5: US Treasury Secretary Henry Paulson called on Wednesday for an immediate revaluation of the Chinese currency, saying it was critical to cool the world’s fastest growing economy.... EU to launch steel dumping probe BRUSSELS, Dec 5: European trade officials will launch next month an anti-dumping investigation into imports of hot-dipped steel products from China which was recently warned by the European Union’s trade chief of possible tougher action.... Australian economy SYDNEY, Dec 5: Household spending propelled Australia’s economy in the third quarter and pushed year-on-year growth to its highest level in three years at 4.3 per cent, economists said on Wednesday.... Asian stocks up on hopes for subprime mess HONG KONG, Dec 5: Asian stocks were up on Wednesday, helped by late rallies after a report Britain’s Northern Rock bank may be nationalised, raising hopes of bailouts for other institutions hit by subprime troubles.... European shares bounce back LONDON, Dec 5: Europe’s main equity markets rallied Wednesday on receding credit market worries, winning back the previous day’s losses after healthy gains earlier in Tokyo, analysts said.... Malaysian palm oil higher KUALA LUMPUR, Dec 5: Malaysian crude palm oil futures ended 0.7 per cent higher on Wednesday as investors piled back into the market, heartened by crude markets that rose on a crude oil cartel’s decision to keep output levels unchanged.... Karachi market rates KARACHI, Dec 5: The following were Wednesday’s commodity market rates in rupees....

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