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August 24, 2006 Thursday Rajab 28, 1427 Inflation beats 5-year average in July 2006 KARACHI, Aug 23: The monthly inflation in July 2006 was higher than past five years average of monthly increase, said a State Bank report issued on Wednesday.... IFC joins local firm in first Private Equity Fund KARACHI, Aug 23: The International Finance Corporation (IFC) — a private sector arm of the World Bank — on Wednesday announced its commitment of $20 million to the $70 million worth of first Private Equity Fund in Pakistan.... Textile exporters fear losing of orders: R&D support KARACHI, Aug 23: Manufacturers-cum-exporters, who do not have in-house dyeing and processing facilities, may lose orders worth millions of dollars as they cannot compete with their local rivals who have been given the research and development (R&D) subsidy.... Pakistan, US to conduct study on selected sectors ISLAMABAD, Aug 23: Pakistan and the United States have decided to conduct a number of studies on global competitiveness of selected economic sectors and as a first step the motorcycle industry... Stocks manage to recover 24 points in slow trading KARACHI, Aug 23: Shares on the stock market on Wednesday lacked normal trading interest as leading investors and punters kept to the sidelines apparently awaiting the final count on the no-trust move against the prime minister.... Javedan Cement handed over to buyer ISLAMABAD, Aug 23: The Privatisation Commission here on Wednesday handed over the control of Javedan Cement Ltd (JCL) to its new management by approving its Rs4.315 billion sale.... India allows export of super basmati ISLAMABAD, Aug 23: The Indian government has allowed export of 300,000 to 400,000 tons of basmati rice named as `super basmati,'' which would take away 40 per cent of Pakistan''s share in the traditional Middle Eastern markets.... PRL plans Rs11bn investment KARACHI, Aug 23: Pakistan Refinery Limited (PRL) will invest Rs11 billion in the next three years for the upgradation of the refinery to meet the future product specification as specified by the petroleum ministry.... PM calls for broadening insurance coverage ISLAMABAD, Aug 23: Prime Minister Shaukat Aziz has said that there is tremendous potential for the insurance industry to grow in Pakistan as the insurance coverage is significantly below the international levels.... Rice import BRUSSELS, Aug 23: The European Commission ordered on Wednesday that imports of long grain rice from the US be certified free of an unauthorised genetically modified strain.... Trading remains slow on cotton market KARACHI, Aug 23: Trading on the cotton market on Wednesday remained insipid as price ideas of sellers and buyers failed to find a meeting ground as both are unclear about the future crop outlook.... Imported knitting machines exported to China KARACHI, Aug 23: The Pakistan Hosiery Manufacturers Association (PHMA) has disclosed that some of its members are exporting a large number of European brands knitting machines to China after failing to face the onslaught of frequently rising cost of inputs.... Pakistan on path of reform, growth: PM ISLAMABAD, Aug 23: Prime Minister Shaukat Aziz on Wednesday said Pakistan was on the path of reform and growth with stability, as macroeconomic improvements had enabled the country to attract foreign investment and absorb oil shock.... UK to enhance trade KARACHI, Aug 23: Pakistan’s economy is expanding and the fact is acknowledged by the increasing trade relations between the United Kingdom and Islamabad, said Hamish St.... Karachi Port operations KARACHI, Aug 23: Five ships carrying chemicals, containers and to load rice are expected to arrive at the outer anchorage on Thursday, accoding to KPT sources.... Port Qasim KARACHI, Aug 23: Three ships to load and offload containers, carbon oil and chemicals were allotted berths at QICT, MPT and EVT during last 24 hours, said a PQA press release on Wednesday.... Asean’s plea to resume Doha talks KUALA LUMPUR, Aug 23: Southeast Asian nations said on Wednesday that stalled global trade talks must resume before the end of the year, and that a way forward must be forged in agriculture and market access.... MoU signed LAHORE, Aug 23: Small and Medium Enterprise Development Authority (Smeda) and Gujranwala Chamber of Commerce and Industry (GCCI) on Wednesday signed an memorandum of understanding (MoU) to establish and operate a Rs86.5... Auto merger NEW YORK, Aug 23: Ford Motor Co. shares jumped on Wednesday on a Wall Street Journal commentary that evoked the serious prospect of an alliance between the ailing US auto giant and Renault-Nissan.... Asian stocks lower HONG KONG, Aug 23: Asian stocks closed flat and tending lower on Wednesday with investors retreating to the sidelines amid renewed concerns over US interest rates and Iran''s nuclear program.... Gold higher LONDON, Aug 23:Gold prices drifted higher on Wednesday to trade in a tight $5 band, with investors watching oil and currency markets for direction, dealers said.... Palm oil rebound KUALA LUMPUR, Aug 23: Malaysian crude palm oil futures bounced back on Wednesday, helped by technical covering and firmer prices of rival soyaoil. Dealers said healthy export performance would continue to support the market....

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