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January 10, 2008 Thursday Zilhaj 30, 1428 TCP delays Payment of Rs7bn to sugar mills LAHORE, Jan 9: The Trading Corporation of Pakistan (TCP) has delayed payment of around Rs7 billion to sugar mills for 0.3 million tons of sweetener procured from the industry since November,... Gold surges to record high at $891.40 LONDON, Jan 9: Gold surged to a record high just under $900 an ounce on Wednesday, powered by heavy buying by investment funds and helped by rising oil prices and a strong debut for Shanghai gold futures....   Stocks falter on profit-selling, low corporate earnings KARACHI, Jan 9: The share market on Wednesday again turned lower as weakness of the insurance and banking sectors spilled over to other counters followed by reports of lower earnings and profit-selling in most of them.... SAPICO sells 68pc stake in Saudi Pak KARACHI, Jan 9: Saudi Pak Industrial and Agricultural Investment Company Limited (SAPICO) has agreed to sell 68 per cent of Saudi Pak Commercial Bank to an international consortium comprising Bank Muscat, the International Finance Corporation (IFC) and Nomura European Investment Limited.... Petroleum minister for energy conservation KARACHI, Jan 9: Federal Minister for Petroleum and Natural Resources Ahsan Ullah Khan has asked the PPL, the SSGC and the PSO to follow national conservation policy as desired by President Pervez Musharraf and Caretaker Prime Minister Mohammedmian Soomro.... UN sees risk of world economic recession UNITED NATIONS, Jan 9: The United Nations warned on Wednesday of “clear and present dangers” of the world economy coming to a near standstill this year because of US housing and credit problems and the weak dollar.... Carmakers eyeing bigger share of Indian market NEW DELHI, Jan 9: Global car giants on Wednesday announced ambitious plans to grab a bigger slice of India’s fast-growing market as they geared up for a vehicle show featuring the launch of the world’s cheapest car.... Oil prices climb LONDON, Jan 9: Oil prices climbed on Wednesday after data that revealed an unexpectedly sharp drop in crude inventories in the United States, the world’s biggest energy consumer, traders said.... Iran, Italy sign oil exploration deal TEHRAN, Jan 9: Iran and Italy’s Edison International signed on Wednesday a $107-million (73-million-euro) contract for exploration in Gulf waters, the student ISNA news agency reported.... WEF voices fears of downturn in US GENEVA, Jan 9: The World Economic Forum on Wednesday voiced fears of a recession in the United States over the next 12 months and expressed doubts that consumption-led growth in Asia could take over as driver of the global economy.... Kuwait to privatise national carrier KUWAIT CITY, Jan 9: Kuwaiti MPs approved a law on Wednesday to privatise state-owned Kuwait Airways, allowing foreign investors to buy a stake of up to 35 percent in the new company.... Expo Pakistan from March 13 KARACHI, Jan 9: The Trade Development Authority of Pakistan (TDAP) has announced that Expo Pakistan 2008 will be held at the Karachi Expo Centre as per schedule on March 13-16 as foreign buyers were still keen to visit the exhibition.... No gas price talks till flows resume: Iran TEHRAN, Jan 9: Iran will not discuss any increase in the price of gas supplied from Turkmenistan until flows to the Islamic Republic resume, Iran’s oil minister was quoted as saying on Wednesday.... Investment OTTAWA, Jan 9: The governments of Canada and Mongolia will soon begin negotiating a bilateral pact aimed at protecting and promoting their respective foreign investments, Trade Minister David Emerson said on Wednesday.—AFP... Trading gets slow on cotton market KARACHI, Jan 9: Trading on the cotton market on Wednesday slowed down as spinners were not inclined to go beyond the current level followed by reports that some of the ginners have further raised their asking prices.... China plans price freezes to check inflation BEIJING, Jan 9: China will introduce partial price freezes on basic commodities such as gas and oil and crack down on profiteering, hoarding and other activities fuelling inflation, the government said on Wednesday.... France set to post record 2007 trade deficit PARIS, Jan 9: France is on track to post a record trade deficit in 2007, following a huge surge in the shortfall in November that threatens to weigh heavily on prospects for the French economy.... Eurozone growth BRUSSELS, Jan 9: The eurozone economy grew slightly faster than previously thought in the third quarter, the European Union’s Eurostat data agency said on Wednesday, revising its estimate to 0.8... Ratings KARACHI, Jan 9: The JCR-IS has reaffirmed the entity ratings of First Al-Noor Modaraba at BBB/A-3.... Investors see 60pc chance of BoE rate cut LONDON, Jan 9: Investors have ramped up their expectations the Bank of England will cut interest rates on Thursday to a near 2-in-3 chance on growing fears British consumers will lead a sharp economic slowdown.... Karachi Port operations KARACHI, Jan 9: Ten ships carrying containers, palm oil and to load 2,244 tons of kinno are expected to arrive at the outer anchorage on Thursday, according to KPT sources.... Port Qasim KARACHI, Jan 9: Five ships scheduled to load and offload containers, rice, chemicals and furnace oil were accommodated berths during the last 24 hours, said a PQA press release on Wednesday.... Asian shares mostly up HONG KONG, Jan 9: Asian shares closed mostly up on Wednesday despite a slide on Wall Street with the Malaysian and Indonesian stock markets rising to record highs.... Malaysian palm oil prices KUALA LUMPUR, Jan 9: Malaysian crude palm oil futures climbed 1.4 per cent on Wednesday, to hit a record, as strengthening crude oil and hopes of a cut in Indian edible oil duty boosted prices.... Turkey halts Azeri gas to Greece ANKARA, Jan 9: Turkey has halted the flow of Azeri gas to Greece due to a suspension of gas supplies from Iran to Turkey, a senior Turkish Energy Ministry official told Reuters on Wednesday.... European shares slip LONDON, Jan 9: European shares slid on Wednesday, with London hit by a gloomy update from retail darling Marks & Spencer, and after heavy overnight US losses sparked by fresh housing strains, dealers said....

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