Pakistan

ISLAMABAD: The trade talks between Pakistan and India have been postponed for an indefinite period in the wake of Mumbai terror attacks, the trade ministry sources told the Geo News on Friday.

The secretary level talks on enhancing trade ties were to be held in the first week of December in Islamabad.

The trade ministry sources told the two countries had to discuss a proposal to open three more trade routs. However, after the recent Mumbai attack, the talks have been postponed for an indefinite period.

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SINGAPORE: Oil prices held steady near four-year lows on Friday but analysts said they were likely to fall even further as economic data signalled a global economic downturn may be deep and prolonged, analysts said.

New York’’s main futures contract, light sweet crude for January delivery, fell 10 cents to 43.57 dollars a barrel — off a low of 43.39 after dropping 3.12 dollars to 43.67 on the New York Mercantile Exchange Thursday.

Brent North Sea crude for January eased eight cents to 42.20 dollars a barrel, slightly off its morning low of 42.13. The contract fell 3.16 dollars to 42.28, also the lowest level since January 2005, on Thursday in London.

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KARACHI: The value of rupee against dollar in the inter-bank was seen stable.

Forex market dealers said that the dollar exchange rate eroding paisa 8 was being bought at Rs78.68 and sold at Rs78.70. Dealers said that dollar inflows increasing on the eve of Eid propelled the value of rupee up. Experts said that the value of rupee was stabilizing due to the Central Bank’s stringent monetary policy.

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TOKYO: Asian markets tried to rebound Friday as investors set aside a wave of global layoffs and overnight losses on Wall Street, where stocks failed to get a boost from interest rate cuts in Europe.

Japan’s Nikkei fell below the key 8,000 points level, with the index up 0.7 percent by lunch.

Hong Kong shares rose 2.6 percent and Seoul posted a gain of 2.0 percent, although some other markets drifted lower in quiet trade.

In the United States on Thursday, the Dow Jones Industrial Average tumbled 2.51 percent to 8,376.24 as investors stampeded toward the safety of US Treasury bonds as rising job losses hit sentiment.

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ISLAMABAD: Pakistan is importing 20 million mobile handsets annually, told the mobile handset importing companies’ representatives in a meeting with the Investment Board Chairman, Salim Mandviwala here.

Mobile manufacturing companies, LG, Nokia, Siemens Group, Telecom Foundation and Advance Telecom’s representatives were included in the delegation, which told the State Minister and Investment Board Chairman that the spiraling mobile use and connections has shot up foreign investment in the country and in 2006-07 alone mobile handsets valued Rs1.34 billion were imported in the country.

Investment Board Chairman on this occasion assured government help in setting up the mobile handset manufacturing factories in the country. The meeting was also attended by all the mobile telecom services providing companies.

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ISLAMABAD: Elections for the Federation of Pakistan Chambers of Commerce Industry (FPCCI) have been postponed for one month as the associations and the chambers were not issued licenses on time.

Sources of FPCCI told Geo News that the issuance of licenses to the federation and other trade associations is being delayed from director-general Trade Organization due to which voters lists could not be prepared for the elections of the FPCCI. and subsequently the holding of the elections could not be possible o