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May 07, 2008 Wednesday Jamadi-ul-Awwal 1, 1429 Government building up wheat reserves: Harvest in full swing KARACHI, May 6: The government is building up reserves of seven million tons of wheat and has decided to import 250,000 tons at a time when harvest is in full swing in the Punjab and approaching last phases in Sindh.... OGDCL bond issue put on hold KARACHI, May 6: Pakistan has put on hold plans to issue an exchangeable bond with an option for shares in Oil and Gas Development Co Ltd, the country’s largest-listed firm, a senior finance ministry official said on Tuesday.... S. Arabia eyeing investments abroad RIYADH, May 6: Flushed with massive inflow of petrodollars, Saudi Arabia is eyeing investments abroad. The Saudi government announced on Tuesday setting up an investment agency, rather than a sovereign wealth fund, to look for opportunities abroad.... Textile sector biggest beneficiary: SBP: Subsidised loans KARACHI, May 6: The State Bank of Pakistan said on Tuesday that the textile sector was the biggest beneficiary of the subsidised loans given under export finance scheme denying impression that the SBP was avoiding facilities to the textile sector.... Adamjee to reap Rs5.6bn bonanza: MCB deal with Maybank KARACHI, May 6: The acquisition of 15 per cent shares in MCB Bank by the Malayan Banking Berhad (Maybank) would bring bonanza of Rs5.6 billion for Adamjee Insurance, analysts said, given... Omantel gets loan for Worldcall buy LONDON, May 6: Oman Telecommunications Co (Omantel) has launched syndication of a $205 million loan that backs its acquisition of Pakistan’s Worldcall Telecom, a banking source close to the deal said on Tuesday.... KSE index sheds 264 points on rupee fall KARACHI, May 6: Share values on Tuesday remained under pressure and further fell across the board as investors continued to unload long positions to clear their leveraged positions amid panic created by the falling value of the rupee against the dollar.... Dollar slips ahead of ECB, BoE rate calls LONDON, May 6: The dollar fell back sharply against the euro on Tuesday ahead of key interest rate calls by the European Central Bank and its British counterpart later in the week, dealers said.... Rupee recovers from record low KARACHI, May 6: The rupee recovered on Tuesday from a record closing low set the previous day but is still 6.2 per cent down this year and dealers said it was likely to remain under pressure in coming days.... South Asian economic integration urged ISLAMABAD, May 6: Saarc Chamber of Commerce and Industry President Tariq Sayeed has stressed the need for tangible business proposals for getting maximum benefits from economic cooperation in South Asia.... Dar meets ADB chief, Chinese minister ISLAMABAD, May 6: Minister for Finance Ishaq Dar has called on Asian Development Bank (ADB) President Haruhiko Kuroda in Madrid on the sidelines of the 41st Annual Meeting of ADB Board of Governors.... ‘China has sufficient grain reserves’ SHANGHAI, May 6: China’s national economic planner said on Tuesday grain reserves were sufficient to ensure domestic supplies, adding the rise in global grain prices would only have a limited impact on the country.... QICT not authorised to allow clearance KARACHI, May 6: The Qasim International Container Terminal (QICT) on Tuesday said that it gave delivery of the containers on presentation of the requisite documents and these were released by the customs staff posted at the gates.... Prices remain firm on cotton market KARACHI, May 6: Cotton market maintained a firm trend on Tuesday as ginners held on to their unsold positions and did not oblige spinner overtures aiming at lower prices.... Karachi Port operations KARACHI, May 6: Six ships carrying imported wheat and rapeseed and to load molasses are due to arrive at the outer anchorage on Wednesday, according to KPT sources.... Port Qasim KARACHI, May 6: Two ships carrying containers and diesel oil were allotted berths during the last 24 hours, said a PQA press release on Tuesday.... ‘QRC not eligible to conduct PSI’ KARACHI, May 6: The Union of Small and Medium Enterprises (Unisame) has asked Federal Minister for Science and Technology Tehmina Daultana to take note of gross violation of assigning the task... European stocks land into minus territory LONDON, May 6: European stock markets closed mostly lower Tuesday, hit by another spike in oil prices to record highs and corporate results highlighting the damage done by the US subprime home loan crisis.... Airbus delays A380 delivery schedule FRANKFURT, May 6: European plane maker Airbus is reviewing the delivery schedule of its flagship A380 superjumbo jet and its most important client Emirates said on Tuesday it had been told to expect new delays.... Sri Lanka opens up T-bill market COLOMBO, May 6: Sri Lanka on Tuesday allowed foreign investors to buy into treasury bills in a bid to deepen the government securities market, the central bank said.... Egypt tax hike may fuel public anger CAIRO, May 6: As popular anger over rising inflation threatens to boil over, the Egyptian government has opted for a solution that could actually add fuel to the fire raising both salaries and taxes.... Asian stocks close mostly down HONG KONG, May 6: Asian stocks closed mostly down on Tuesday after crude oil hit a new record of nearly $121 per barrel partly on easing fears of a deep US economic downturn.... Palm oil prices rise JAKARTA, May 6: Indonesian palm oil prices rose on Tuesday, lifted by strong demand, as exporters rushed to buy palm oil in order to benefit from a lower palm oil export tax in May, defying the sluggish Malaysian market, dealers said.... Karachi market rates KARACHI, May 6: The following were Tuesday commodity market rates in rupees....

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