DAWN - Business; December 20, 2007

Low Graphics Site


December 20, 2007	Thursday	Zilhaj 9, 1428

Barclays gets banking licence KARACHI, Dec 19: World’s second largest bank, Barclays, entered Pakistan as it received a licence from the State Bank on Wednesday....		China to bid for Software Development Park BEIJING, Dec 19: China will participate in the bidding for Software Development Park in Lahore....

TCP returns bond money, guarantees to AWB MULTAN, Dec 19: The Trading Corporation of Pakistan (TCP) has returned the performance bond and other guarantees to the Australian Wheat Board (AWB) instead of forfeiting them as it had refused to supply the required wheat....		ECB taking steps to fight inflation, credit crunch BRUSSELS, Dec 19: European Central Bank president Jean-Claude Trichet warned on Wednesday that inflation threatened the 13-nation eurozone and stressed that controlled ECB cash injections were meant only to keep credit flowing....

German business confidence drops FRANKFURT, Dec 19: German business confidence slumped in December, a key survey showed on Wednesday, with many analysts saying the biggest eurozone economy had now clearly shifted into a lower gear....		India seeks 10pc growth NEW DELHI, Dec 19: India aims to achieve 10 per cent economic growth by 2012 but is not immune to a global credit crunch spreading from the United States, Prime Minister Manmohan Singh warned on Wednesday....

US firm to jointly develop gas field SHANGHAI, Dec 19: US energy giant Chevron Corp has signed a 30-year product-sharing contract with China National Petroleum Corp (CNPC) to jointly develop a large gas field in southwestern China....		Oil prices rise as US crude stocks decline LONDON, Dec 19: Oil prices rose on Wednesday as the US government reported a much larger than expected drop in crude inventories last week....

BoE body unanimous in rate cut decision LONDON, Dec 19: Bank of England policymakers were united in their decision to cut interest rates by a quarter-point to 5.50 per cent earlier this month, according to minutes of the BoE meeting published on Wednesday....		Dollar edges up against euro LONDON, Dec 19: The dollar on Wednesday nudged up against the euro while the pound slid below $2-mark for the first time in three months as the market monitored efforts by central banks to ease a credit crunch, dealers said....

TCP floats two tenders for sugar purchase KARACHI, DEC 19: The Trading Corporation of Pakistan (TCP), on Wednesday floated two tenders of 25,000 metric tons each for sale of refined imported sugar stocked in its godowns....		BCCI elections Quetta, Dec 19: A leading importer and exporter, Sardar Mohammad Anwar Jaffar of Progressive Group has been elected unopposed President of the Balochistan Chamber of Commerce and Industry (BCCI), Quetta for 2008....

Stocks retrieve losses on advent of year-end buying KARACHI, Dec 19: The share market on Wednesday was back on the rails as a section of investors covered positions at the lower levels apparently indicating the advent of year-end portfolio adjustments and speculative buying....		Bank holiday KARACHI, Dec 19: The State Bank of Pakistan and all offices of the SBP Banking Services Corporation, including Public Debt Offices, will remain closed on December 25, being public holiday on account of Quaid-e-Azam’s birthday, said a press release on Wednesday.—PPI...

Markets closed KARACHI, Dec 19: All the local principal markets including stock exchange, cotton and commodity markets will remain closed for Eidul Azha holidays from Dec 20 and will be reopened on next Monday (Dec 24)....		Lint prices ease on dull trading KARACHI, Dec 19: Cotton prices on Wednesday eased from the current higher level by Rs25 per maund in the absence of support from the spinners and the mills owing to a long weekend ahead....

Coal prices seen rising on supply uncertainty LONDON, Dec 19: Coal prices are likely to remain strong in 2008, close to this year’s average levels, because there are many supply uncertainties and despite the emergence of the United States as a major exporter....		Karachi Port operations KARACHI, Dec 19: Five ships carrying containers and to load naphtha and ethanol are due to arrive at the outer anchorage on Thursday, according to KPT sources....

China’s fiscal revenue grows rapidly BEIJING, Dec 19: China’s central and local governments recorded 4.82 trillion yuan ($ 651 billion) in fiscal revenue during the first 11 months of this year, up 33.5...		Company news KARACHI, Dec 19: The Deutshe Bank on Wednesday announced that it has received one of the highest industry accolades in Asia, being named ‘Bank of the Year’ 2007 by International Financing Review Asia (IFR Asia)....

sAsian stocks close mixed HONG KONG, Dec 19: Asian stocks closed mixed on Wednesday with Japanese shares falling sharply as US economic woes overshadowed hopes of an end-of-year rally....		European stocks lower LONDON, Dec 19: Europe’s main equity markets slid on Wednesday after earlier losses in Japan, with the banking sector in focus following downbeat guidance from US investment titan Goldman Sachs, analysts said....

Malaysian palm oil climbs KUALA LUMPUR, Dec 19: Malaysian crude palm oil futures rose 1.1 per cent to hit a three-week high on Wednesday, as concerns that rains and floods would affect production gripped the market....		Karachi market rates KARACHI, Dec 19: The following were Wednesy’s commodity market rates in rupees....