DAILY BRIEF NEWS UPDATE:26.10.2011

Trade list for India being finalized ISLAMABAD: The ministry of commerce on Tuesday announced a schedule of meetings with various trade associations, chambers for seeking feedback on changing trade regimes with India. A press note issued by the ministry here said that the commerce ministry was in process of switching trade arrangements from existing “Positive List” to “Negative List” of importable items from India. Earlier, the ministry set a deadline of October 15 for seeking comments from chambers, industry and associations for inclusion of items in the negative list. The negative list means that all those items in the list will not be importable from India. Suggestions/recommendations sent by the stakeholders were under process in the ministry for compiling the negative list. However, the official note said that Secretary Commerce Zaffar Mahmood would meet members of the various chambers and trade associations on October 27, 28 and 31. At the second round, the secretary would also meet businessmen on November 1, 3 and 4 to discuss issues and concerns before finalisation of the negative list. New York oil price hits 2-month high NEW YORK: New York oil prices hit a two-month high Tuesday, while Brent crude slipped, as investors bet on a European debt solution and a pick-up in US petroleum demand. New York's main contract, West Texas Intermediate (WTI) light sweet crude for December delivery, gained $1.90 to close at $93.17 a barrel, its highest peak since August 2. In London, Brent North Sea crude for December fell 34 cents to settle at $110.92. The New York oil rally contrasted with an equities selloff on Wall Street and in Europe on concerns that eurozone leaders would not be able to contain the contagion from sovereign debt crises in Greece, Portugal and Ireland. Summit Energy commodity analyst Matt Smith said the oil market was "definitely betting" on a positive solution emerging from the European Union summit Wednesday. EU leaders struggled to finalize a grand deal to end its festering debt crisis on the eve of the summit Wednesday, leaving many investors cautious. High on the oil market's radar was the latest US weekly oil stockpiles report from the Department of Energy, slated Wednesday, a gauge of demand in the world's biggest oil-consuming country. "The WTI price appears to be responding to the swift reduction of US crude stocks in past weeks, which have plunged by over 10 percent since the end of May; the previous substantial inventory overhang has now been fully depleted," Commerzbank analysts said in a research note. Summit's Smith said there was a "potential for a demand rise coming through from improving economic data." Traders also kept an eye on Hurricane Rina as it heads toward the Gulf of Mexico, home to major oil drilling and production. "The current projection for the storm path is to make landfall on Mexico's Yucatan peninsula, and is not presenting a threat to oil- producing assets in the Gulf of Mexico," JPMorgan analysts said. But the Commerzbank analysts said Rina, expected to hit the Gulf at the end of the week, could possibly lead to temporary production losses and a further reduction of US inventories. (AFP) Business News

Wed, 26 October 2011 - New York oil price hits 2-month high New York"s main contract, West Texas Intermediate (WTI) light sweet crude for December delivery, gained $1...90 to close at $93...17 a barrel, its highest peak since August 2... - Nepra to take up plea for rise in electricity tariff Central Power Chasing Agency had submitted an application seeking a rise in electricity tariff of all the distribution companies exc  - Rupee strengthens, o/n rates fall The rupee firmed in the previous trading sessions on healthy remittances from Pakistanis living abroad, but dealers said a widening current account deficit means that the local  - KSE retreats to a month-low The KSE benchmark 100-share index fell 0...07 percent, or 7...96 points, to end at 11,517...29, its lowest close since Sept... 19...  - Asian shares mixed ahead of key Europe summit Wall Street provided a strong cue as dealers there were buoyed by solid corporate reports and the general feeling that progress was be  - Crude mixed in Asia ahead of European summit Brent North Sea crude f  - Euro eases as markets seek debt talk progress The greenback regained ground against the yen but remained close to its postwar record low of 75...78 yen hit in New York Friday, as Jap  - Multan region CNG stations shut for two and a half days The traffic usually g  - Asian shares rise on European debt talks The eurozone wants to beef up its 440-billion-euro ($610 billion) rescue fund, the European Financial Stability Facility, to convince mar  - Yen softens slightly after Japan warns of action Japanese Finance Minister Jun Azumi told local press early Mo  LATEST/BRIEF NEWS: ·      Biggest US nuke B53 dismantled ·      Qul for Begum Bhutto today ·      Embezzlement trial:Manner of Moonis acquittal outrages Supreme Court ·      Key Afghan group warms upto prospect for US talks ·      Non-payment of pension:Railways’ employee dies in protest ·      Mini-budget to be tables in Senate amid more taxes ·      Prime Minister Syed Yusuf Raza Gilani is leaving for Australia today to represent Pakistan at the Common Wealth summit at Perth. ·      President Asif Ali Zardari held a meeting with Deputy Prime Minister and Interior Minister of Saudi Arabia Prince Naef Bin Abdul Aziz in Riyadh and expressed condolence over the sad demise of Crown Prince Sultan Bin Abdul Aziz Al Saud. ·      Pakistan, Sri Lanka to begin 2nd test today ·      Michael Jackson top earner among dead celebrities ·      Famous writer Ibrahim Jalees being remembered today ·      Top Saudi medal for Pakistani martyr ·      Haqqani Network rejects talking directly with US Mohammed Saleem Mansoori