DAWN - Business; August 31, 2008

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August 31, 2008	Sunday	Sha'aban 28, 1429

Refineries slow down petrol output KARACHI, Aug 30: Local refineries slowed down production of petrol this month after drastic changes in the pricing formula, availability of enough stocks and slightly lower consumption....		Mango gardens to be certified for EU markets MULTAN, Aug 30: The first of the three produce marketing organisations (PMOs) being supported by the Agribusiness Support Fund (ASF) will go through final audit on Sept 2 to get their mango orchards Global GAP certification....

China okays law to promote economy SHANGHAI, Aug 30: China’s legislature passed a law calling for fiscal spending, tax breaks and other measures to promote sustainable economic growth via resource conservation and pollution control, official media said on Saturday....		US, Russia have vital energy interests in Georgia RIYADH, Aug 30: The ongoing tussle in Georgia has serious energy connotations. The old energy wizard, the Halliburton fame US Vice President Dick Cheney heads to Caucasus this week, amidst growing signs of a prolonged tussle between the US and Russia....

Revenue collection fails to match imports KARACHI, Aug 30: Although imports increased by 61 per cent in July, revenue collection has failed to correspond with the increased quantum of imports and rose only by 37 per cent....		Iran has 85bn barrels heavy oil reserves TEHRAN, Aug 30: Iran has more than 85 billion barrels of recoverable heavy oil, an official said, suggesting about 60 per cent of the country’s reserves are of that crude category....

FDI inflows up by 76pc, telecom gets lion share KARACHI, Aug 30: The foreign direct investment (FDI) inflows recorded an increase of 76 per cent at $340 million in the first month (July) of the current fiscal year over the corresponding month last year....		Urea shortage may cut rice, cotton output KARACHI, Aug 30: The country is likely to lose 100,000 tons in rice production and three million bales of cotton due to acute shortage of urea which has adversely affected the two crops which are currently in the flowering stage....

50,000 apply for 250 posts in excise KARACHI, Aug 30: It is either unemployment or attraction of possible extra income that the excise and taxation department has received over 50,000 applications for 250 vacancies, sources in the department revealed....		‘German growth slows, but no recession’ BERLIN, Aug 30: Germany is facing an economic downturn after several years of growth, but there is no reason for panic about recession, government economic adviser Wolfgang Wiegard said in an interview....

Stocks: views differ on ‘floor’ KARACHI, Aug 30: The planks plastered by the Karachi Stock Exchange under equity values on Thursday to prevent a further dip in values and an index descent down the 9,000 level...		Stock brokers to meet Naveed today KARACHI, Aug 30: The stock brokers and major market participants are likely to meet Finance Minister Naveed Qamar on Sunday....

FBR fetches Rs139.6bn in July-Aug ISLAMABAD, Aug 30: Revenue collection recorded an impressive growth of 25.7 per cent during the first two months of the current fiscal year over last year, federal board of revenue (FBR) data revealed on Saturday....		Date extended ISLAMABAD, Aug 30: The Federal Board of Revenue (FBR) has further extended the date for online submission of sales tax and federal excise return to September 5 for the tax period July 2008....

Karachi Port operations KARACHI, Aug 30: Seven ships carrying containers and to load ethanol and molasses are due to arrive at the outer anchorage on Sunday, according to KPT sources....		Port Qasim KARACHI, Aug 30: Four ships scheduled to load/offload containers, palm oil and chemicals were accommodated berths during the last 24 hours, said a PQA press release on Saturday....

US economic woes WASHINGTON, Aug 30: US President George W. Bush on Saturday assured the US public that he shared their economic worries and urged lawmakers to respond by approving his trade, energy, and tax-cut agenda....		Cotton prices ease on hasty-selling KARACHI, Aug 30: Cotton market on Saturday failed to sustain the overnight run-up as some of the Punjab ginners indulged in hasty-selling for not apparent bearish reasons....

Euro zone inflation, sentiment fall BRUSSELS, Aug 30: Euro zone inflation slowed more than expected in August and inflation expectations plunged but economic sentiment also worsened more than forecast, underlining concerns the area may be heading for a technical recession....		‘Duty on luxury items may lead to illegal trade’ KARACHI, Aug 30: The Overseas Investors Chamber of Commerce and Industry (OICCI) has said that the government decision to discourage luxury imports may lead to evasion of duties and increase in...

Taiwan GDP TAIPEI, Aug 30: Taiwan’s government has targeted economic growth of 5.08 per cent in 2009, up from the forecast 4.3 per cent this year, despite the global economic slowdown, it was reported on Saturday....		Oil prices bounce above $120 on US storm concerns LONDON, Aug 30: Oil jumped briefly back above $120 per barrel this week before turning lower in choppy trade that was driven by US storm worries and tensions between Russia and the West, traders said....

NY cotton closes up NEW YORK, Aug 30: US cotton futures closed modestly higher on Friday on buying ahead of a potentially damaging land strike by Hurricane Gustav boosted prices, but end-of-month profit takers, a...		British economy facing ‘worst downturn in 60 years’: Darling LONDON, Aug 30: The British finance minister has warned the country is facing arguably the worst” economic downturn in 60 years and says it will be “more profound and long-lasting” than people had expected....

Karachi market rates KARACHI, Aug 30: The following were Saturday commodity market rates in rupees....		Dollar firm against euro NEW YORK, Aug 30: The dollar firmed against the euro on Friday, bolstered by rising US inflation that stirred speculation the Federal Reserve will raise interest rates....

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