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Oil tumbles on profit-taking after Syria fears
Source: Geo News | 29-08-2013

SINGAPORE: Oil tumbled in Asian trade Thursday as investors took profits after concerns over a possible US-led military strike on Syria had pushed prices to multi-month highs.

New York's main contract, West Texas Intermediate (WTI) for delivery in October, fell 77 cents to $109.33 in mid-morning trade after rising to its highest level since May 2011 the day before.

Brent North Sea crude for October delivery shed 76 cents to $115.85 after hitting its highest price in six months on Wednesday.

"Traders are taking a breather," Kenny Kan, market analyst at CMC Markets in Singapore, told.

Markets are "keenly watching" developments leading up to any strike against Syria to punish the government for its alleged use of chemical weapons against rebels.

"Even though Syria is not a key oil producer, the violence in Syria could potentially disrupt other Middle Eastern oil exporters and cause the driving up of oil prices," said Lee Chen Hoay, investment analyst at Phillip Futures in Singapore.

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KCCI for taking maximum advantage of Pak-China FTA Pakistan and China have entered second phase of free trade agreement signed in 2006 and there is a need from both sides to take maximum advantage of FTA. This was stated by KCCI President Muhammad Haroon Agar during visit of Pakistan’s Consul General designate to Guangzhou (China), Babar Amin to KCCI.The President KCCI said that opportunities for ..... Read more
Source: The Nation | 21-02-2013
Aptma for optimum revenue generation All Pakistan Textile Mills Association has said the Aptma is fully supportive to the revenue generation initiatives of the FBR but in a proper and fair manner. The harassment and threatening of registering FIRs under Section 37 (a) & (b) should be stopped to keep industry investment intact. This was observed in a meeting of the Aptma management held o..... Read more
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Yen up in Asia The yen rebounded from recent lows against the euro and dollar in Asian trade on Friday after the Bank of Japan's latest monetary easing measures came in line with expectations.   Traders were also concerned after the Republicans scrapped a vote on a "Plan B" to avert the fiscal cliff, saying they would not return to the negotiating tab..... Read more
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