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December 18, 2007 Tuesday Zilhaj 7, 1428 Trade with China to reach $15bn: PCICL launched KARACHI, Dec 17: A formal launch of $200 million Pakistan-China Investment Company Limited (PCICL) was held on Monday on the lawns of Governor’s House at a ceremony, chaired by Sindh Governor Dr Ishratul Ibad.... China second largest economy: WB WASHINGTON, Dec 17: The size of China’s economy is overestimated by some 40 per cent, but it remains the world’s second largest using a ranking based on purchasing power, the World Bank said on Monday....   FBR may miss July-Dec revenue collection target ISLAMABAD, Dec 17: The Federal Board of Revenue (FBR) is unlikely to meet the target for the first half (July-December) of 2007-08 owing to slowdown in revenue generation.... OMCs dispel fear of crisis as diesel reserves deplete KARACHI, Dec 17: The country has around one week’s diesel reserves, but the oil-marketing companies (OMCs) dispel any fear of energy crisis in the near future.... Stocks shed 12 points on lacklustre trading KARACHI, Dec 17: Stocks on Monday turned in an insipid performance as there was no evidence of widely speculated buying euphoria linked to lifting of the emergency as investors mostly played safe, analysts said.Price... WTO to rule on US farm subsidies GENEVA, Dec 17: The World Trade Organisation agreed on Monday to rule on claims by Canada and Brazil that subsidies the United States gives its farmers violate World Trade Organisation (WTO) limits, trade sources said.... Remittances rules for airlines relaxed KARACHI, Dec 17: The State Bank has further liberalised remittances rules for airlines and also lifted ban on airlines in Pakistan to issue tickets for Saudi Arabia during Hajj season.... Shipbreaking picking up at Gaddani KARACHI, Dec 17: The shipbreaking activity at Gaddani is witnessing signs of recovery as 34 vessels, with 152,260 light displacement tonnage (LDT), have so far been brought here to be broken... Rs118m raised from WT levy in July-Sept ISLAMABAD, Dec 17: The Federal Board of Revenue (FBR) collected Rs118 million as withholding tax from CNG stations during the first quarter (July-September) of this fiscal year.... US current account deficit shrinks WASHINGTON, Dec 17: The US current account deficit narrowed by more than anticipated in the third quarter to $178.5 billion from $188.9 billion in the second quarter, the Commerce Department said on Monday.... Banks write-off Rs42.5bn in 2006: Highest NPLs KARACHI, Dec 17: The State Bank on Monday issued first ‘financial stability review’ carrying detailed information, including concerns over rising non-performing loans (NPLs), and huge write-offs made in 2006.... Dollar firms LONDON, Dec 17: The dollar firmed against the euro on Monday on investor speculation the Federal Reserve may be done at least temporarily with cutting interest rates in the face of rising US inflation.... Oil prices drop LONDON, Dec 17: Oil prices fell on Monday as the market tracked fresh concerns about the US economy, with fears that a slowdown in the United States could dampen demand for crude, traders said.... Loan deal in energy TOKYO, Dec 17: Japan and the United Arab Emirates on Monday signed an accord to strengthen economic ties, including a deal for Japanese banks to extend a multibillion-dollar loan to a state-owned Abu Dhabi oil firm.... Listless trading on cotton market KARACHI, Dec 17: Trading activity on the cotton market on Monday remained slow as spinners and mills did not opt for fresh big deals owing to delivery problems because of Eid holidays.... Eurozone BRUSSELS, Dec 17, 2007: Business activity in the 13 nations sharing the euro slowed more than expected in December, hitting the lowest level in 28 months due to weakness in the service sector, a survey showed on Monday.... Karachi Port operations KARACHI, Dec 17: Five ships carrying containers, crude oil and to load molasses are expected to arrive at the outer anchorage on Tuesday, according to KPT sources.... Port Qasim KARACHI, Dec 17: Berthing was slow as only two ships carrying furnace oil and chemicals were accommodated berths during the last 24 hours, said a PQA press release on Monday.... Asian stocks slump as US rate cut hopes dim HONG KONG, Dec 17: Asian stocks closed sharply lower on Monday over worries that rising inflation had cut the chances of more US interest rate cuts despite a debilitating credit crunch.... Malaysian palm oil up KUALA LUMPUR, Dec 17: Malaysian crude palm oil futures rose 1.5 per cent on Monday as robust export numbers from cargo surveyors lifted the market amid worries that rain and floods had affected harvest and transport activities.... World stocks slide LONDON, Dec 17: World stock markets slumped on Monday on worries that resurgent US inflation would reduce the likelihood of another US interest rate cut to shield the economy from a credit crunch, dealers said.... Karachi market rates KARACHI, Dec 17: The following were Monday’s commodity market rates in rupees.... Conversion rates KARACHI: The following are December 18 State Bank conversion rates for foreign currency deposits, dollar bearer certificates, foreign currency bearer certificates, and special US dollar bonds....

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