DAWN - Business; January 16, 2008

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January 16, 2008	Wednesday	Muharram 06, 1429

Insurance companies set to post record profit KARACHI, Jan 15: Bigger insurance companies in the country would be seen to post record profit for the year ended Dec 31, when accounts are unveiled in the next few weeks....		WB’s concern over delay in formal working of CCP ISLAMABAD, Jan 15: The World Bank has expressed concern over delay in the formal establishing of the Competition Commission of Pakistan, due to which, it said, it was becoming difficult to ensure good business practices across the country....

Oil plunges as Bush asks producers to act LONDON, Jan 15: Oil futures slumped by almost $3 on Tuesday after US President George W. Bush urged producers to take action over “very high” prices and as US recession fears gathered pace, traders said....		KES 100-share index gains 6.50 points KARACHI, Jan 15: Stocks on Tuesday showed a mixed trend as investors played on both sides of the fence amid alternate bouts of buying and selling triggered by Monday’s bomb blast...

Ghee, oil maker raises price for seventh time KARACHI, Jan 15: One of the leading ghee and cooking oil producers has increased rates of its brands by Rs9.40 and Rs11.40 per kg, respectively. This is the seventh increase since September 2006....		Minister terms rupee healthy for economy GENEVA, Jan 15: The current level of Pakistan’s rupee is acceptable and meets the overall needs of the economy, Trade Minister Shahzada Alam Monnoo said on Tuesday....

FBR extends date to file corporate returns ISLAMABAD, Jan 15: The Federal Board of Revenue (FBR) has extended the date for filing of corporate returns for the tax year 2007 till January 31, 2008....		Rating firms KARACHI, Jan 15: The State Bank of Pakistan has renewed the status of external credit assessment institution (ECAI) of both the credit rating agencies operating in Pakistan, the JCR-VIS Credit Rating...

Govt may miss 6.5pc inflation target ISLAMABAD, Jan 15: The government is likely to miss “an ambitious 6.5 per cent inflation target” set for the fiscal year 2007-08 due to persistent increase in the prices of basic food items, Dawn has learnt....		Corrigendum Some technical glitch led to the publication of an old story on inflation in Tuesday’s issue. The error is regretted....

European stocks LONDON, Jan 15: European stock markets suffered a major sell-off on Tuesday in the face of gathering fears of recession in the United States and depressing corporate news....		FBR seeks budget proposals ISLAMABAD, Jan 15: The Federal Board of Revenue (FBR) on Tuesday kicked up its budget exercise for the next financial year 2008-09 and sought proposals from stakeholders for bringing an improvement in the existing income tax laws, procedures and administration....

IT events in US ISLAMABAD, Jan 15: Pakistan Software Export Board (PSEB) is organising networking events in Houston, Austin, Las Vegas, Palo Alto and Chicago, which are the hub of IT activities in USA....		Slow trading on cotton market KARACHI, Jan 15: Trading activity on the cotton market was relatively slow on Tuesday as spinners apparently took a technical breather awaiting the arrival figures of phutti for the fortnight ended on Jan 15, floor brokers said....

Karachi Port operations KARACHI, Jan 15: Eleven ships, carrying palm oil, containers and to load cement, are due to arrive at the outer anchorage on Wednesday, according to KPT sources....		Port Qasim KARACHI, Jan 15: Three ships, MV Nedlloyed Europa, Maersk Virginia and New Toyokaze, carrying containers and edible oil, berthed at the Qasim International Containers Terminal and Multipurpose Terminal, respectively, on Monday....

Reliance Power IPO gets huge response MUMBAI, Jan 15: India’s biggest ever share offer by Reliance Power was some 10 times oversubscribed only a few hours after it opened on Tuesday with the aim of raising nearly $3 billion, a banker said....		Cellphone service ISLAMABAD, Jan 15: Over 600, 000 more people would benefit from telecom services as Universal Service Fund, created by Ministry of IT and funded by mobile phone companies, on Tuesday signed...

Dollar under pressure LONDON, Jan 15: The dollar came under heavy pressure on Tuesday, falling against the euro to near record lows on the view that sharp cuts to US interest rates will be needed to keep the US economy on track, dealers said....		IAP new chairman KARACHI, Jan 15: The Central Committee of the Insurance Association of Pakistan (IAP) has unanimously elected Mr Hasanali Abdullah as the Chairman and Mr Arshad Rana as the Vice Chairman of the association for the current term, a press release announced....

Karachi market rates KARACHI, Jan 15: The following were Tuesday’s commodity market rates in rupees....		Asian shares mostly lower HONG KONG, Jan 15: Asian shares closed mostly down on Tuesday with Japan falling to a 26-month low over worries about a US economic slowdown, but Taiwan continued a post-election surge by rising more than three per cent....

Palm oil prices plunge KUALA LUMPUR, Jan 15: Malaysian crude palm oil futures fell almost two per cent on Tuesday, recoiling from historic highs hit the day before as dismal export data from cargo surveyors spurred investors to book profits....