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February 24, 2008 Sunday Safar 16, 1429 National govt termed vital for real economy KARACHI, Feb 23: Though somewhat doubtful and hesitant, an overwhelming majority of the businessmen is convinced that a national government at this juncture will create space for growth of the real... Greece to help plant olive trees KARACHI, Feb 23: Greek expertise has been sought to plant olive trees on a large scale and then eventually set up olive oil processing units in Pakistan....   Textile, clothing exports fall by 3.44pc ISLAMABAD, Feb 23: Pakis-tan’s textile and clothing exports declined by 3.44 per cent to $6.028 billion during the first seven months (July-January) of the current fiscal year from $6.242... Three trains to run daily: Cement export to India KARACHI, Feb 23: Pakistan Railways has finally agreed to increase the number of trains for export of cement to India by providing daily three trains from the existing three trains weekly from Lahore to Wahga.... Bosicor raises refining capacity KARACHI, Feb 23: Bosicor Pakistan Limited (BPL) has increased its refining capacity to 30,000 barrels per day from 18,000 bpd after the revamping of its crude distillation unit.... Withholding tax on cars deferred for two months KARACHI, Feb 23: The government has deferred imposition of 2.5 per cent Withholding Tax (WT) on locally-assembled cars for two months which will result in a price cut with the same percentage.... Investment under CFS up by 3.16pc KARACHI, Feb 23: The investment under CFS (continuous funding system) on the Karachi Stock Exchange surged by 3.16 per cent during the post-election trading week as demand for fresh credit lines... Oil import bill rises by 18.5pc ISLAMABAD, Feb 23: The country’s oil import bill soared by 18.50 per cent during the first seven months (July-Jan) of the current fiscal year to $4.992... SBP governor to resolve exporters’ problems KARACHI, Feb 23: State Bank Governor Dr Shamshad Akhtar has assured the knitwear and sweater exporters to resolve all issues confronting the value-added textile sector.... Financial sector assets rise to $180 billion KARACHI, Feb 23: The financial sector experienced an extraordinary growth, accumulating its assets up to $180 billion, but the State Bank of Pakistan warns that the growing macroeconomic imbalances could threaten stability of the sector.... Crude market faces fresh turmoil RIYADH, Feb 23: Oil markets are turbulent. With prices crossing the $100-mark this week, there does not seem to be an immediate respite. After dropping to mid-$80 levels a couple of... Conversion rates KARACHI: The following are February 25 State Bank conversion rates for foreign currency deposits, dollar bearer certificates, foreign currency bearer certificates, and special US dollar bonds.... China, Japan fail again to resolve gas dispute SHANGHAI, Feb 23: China and Japan failed again to reach an agreement on the development of natural resources under the sea between the two countries at the latest round of dialogue ended in Beijing on Saturday.... Karachi Port operations KARACHI, Feb 23: Nine ships carrying chemicals, containers and to load molasses and naphtha are expected to arrive at the outer anchorage on Sunday.... Cotton prices further go up KARACHI, Feb 23: The cotton market finished the weekend session on a bullish note as prices were quoted further higher by Rs25 per maund, making the total increase during the last two sessions to Rs75.... ‘EU making too many WTO concessions’ PARIS, Feb 23: French President Nicolas Sarkozy said on Saturday the European Union was making too many concessions in current World Trade Organisation (WTO) talks and called for emerging countries to show more goodwill.... Singapore Airshow SINGAPORE, Feb 23: The Singapore Airshow saw more than $13.4 billion in sales of aircraft and related equipment this week, thanks to a booming aviation market, organisers have said.... Clarification KARACHI, Feb 23: The Pakistan Readymade Garments Manufacturers & Exporters Association has clarified a report “Subsidy fails to boost textile exports”, appeared in Dawn on February 20.... Code for EU wealth funds likely BRUSSELS, Feb 23: The European Commission will consider a code of conduct asking sovereign wealth funds run by countries to stress commercial goals rather than strategic considerations when making investments, EU officials said.... Oil, gold, platinum strike record highs LONDON, Feb 23: The price of oil soared to an historic high above $101 this week, while gold and platinum also scored record peaks as speculators dived into already buoyant commodities markets.... Iran to back cut in Opec production TEHRAN, Feb 23: Iran will back a cut in production by Opec when it meets in March and expects the group to take such action, the country’s oil minister said in remarks published on Saturday.... NY cotton at 4-year high NEW YORK, Feb 23: Cotton futures closed at a four-year high for the second straight day Friday, on follow-through speculative buying with additional support from a bullish government report, brokers said.... Dollar dips on economic woes NEW YORK, Feb 23: The dollar weakened on Friday, dragged down by expectations that the US Federal Reserve will have to cut interest rates sharply again in March to ward off recession in the world’s biggest economy....

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