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December 14, 2007 Friday Zilhaj 3, 1428 Dubai-based Abraaj Capital eyes Bosicor KARACHI, Dec 13: Abraaj Capital — an investment firm specialising in private equity investment in the Middle East, North Africa and South Asia (MENASA) region — is understood to be in... Moody’s downgrades outlook for banks KARACHI, Dec 13: The outlook for Pakistani banks was rated negative by Moody’s on Thursday, said a report of the rating agency....   US to finalise trade pacts after lifting of emergency ISLAMABAD, Dec 13: The United States is waiting for lifting of emergency and restoration of constitution to finalise some important pending issues, said a US official.... US vows to keep up pressure on China: Unfair trade practices XIANGHE, Dec 13: The United States vowed on Thursday to maintain pressure on China over alleged unfair trade practices, as the world powers wrapped up two days of tense economic talks.... Bearish spell sets in on stock market KARACHI, Dec 13: Stocks on Thursday finished further lower as attempted rallies failed to get through owing to alternate bouts of buying and selling almost on all the counters.... Dollar rises against euro after US retail data LONDON, Dec 13: The dollar rose strongly against the euro on Thursday as the market digested stronger-than-expected US retail sales and inflation data, analysts said. Figures showed US retail sales rose by 1.2... Investment adviser for PTCL workers ISLAMABAD, Dec 13: Pakistan Telecommunication Company Limited on Thursday appointed UBL Fund Managers as the official Investment Adviser for its employees who have opted for Voluntary Separation Scheme (VSS).... Services sector exports decline ISLAMABAD, Dec 13: Services sector exports declined by 12.59 per cent in the first four months of the current fiscal year to $897.560 million against $1,026.817... IMF calls for quick valuation of credit losses WASHINGTON, Dec 13: The International Monetary Fund called on Thursday for a rapid assessment of the amount of bank losses related to the US housing crisis to help end the global credit squeeze.... Oil prices reverse overnight gains LONDON, Dec 13: Oil prices tumbled on Thursday, erasing about half of the four-dollar jump seen the previous day as traders revisited concerns over the global economy.... Lint prices stay firm amid brisk trading KARACHI, Dec 13: Cotton market on Thursday maintained a firm outlook as official spot rates were held unchanged amid a briskly traded session. Over 15,000 bales changed hands for spot delivery... ArcelorMittal to take over Chinese firm HONG KONG, Dec 13: ArcelorMittal, the world’s largest steel producer, said on Thursday it had agreed to take over China Oriental, as it tries to gain further inroads into the world’s biggest steel market.... Karachi Port operations KARACHI, Dec 13: Seven ships carrying containers, general cargo and to load cement are due to arrive at the outer anchorage on Friday, according to KPT sources.... Port Qasim KARACHI, Dec 13: Three ships carrying containers, edible oil and furnace oil were accommodated berths during the last 24 hours, said a PQA press release on Thursday.... Banks act to balance inflation, credit risks PARIS, Dec 13: The world’s major central banks face the delicate balancing act of trying to ease the global credit crunch sparked by the US subprime home loan crisis while trying to rein in rising inflation.... Accord inked KARACHI, Dec 13: The American Express has signed a travel insurance agreement with the AIG Pakistan. The signing ceremony took place at the American Express office and was attended by Saleemuddin... Turkey cuts lending rate ANKARA, Dec 13: Turkey’s Central Bank on Thursday slashed its key overnight borrowing rate by 50 basis points to 15.75 per cent despite faltering efforts to reduce inflation.... Asian stock markets sharply lower HONG KONG, Dec 13: Asian stocks closed sharply lower on Thursday after an international central bank plan to ease a global credit squeeze, which began in the United States subprime mortgage sector, failed to impress.... Europen stocks slump LONDON, Dec 13: European stock markets fell heavily on Thursday, even after Wall Street had ended higher as major central banks sought to soothe a global credit squeeze.... Malaysian palm oil up KUALA LUMPUR, Dec 13: Malaysian crude palm oil futures ended 1.5 percent higher on Thursday as investors took positions following floods in plantation areas and steep rises overnight in the crude and rival soyaoil markets.... Karachi market rates KARACHI, Dec 13: The following were Thursday’s commodity market rates in rupees.... Gas field project LAHORE, Dec 13: The Presson Descon International has been awarded the Manzalai Gas Field Development Project in the NWFP. According to company officials, under the project, it will produce 300... Reserves KARACHI, Dec 13: The total liquid foreign exchange reserves held by the country stood at $15,622.5 million on Dec 8. The break-up of the foreign reserves position is as under:... Conversion rates KARACHI: The following are December 14 State Bank conversion rates for foreign currency deposits, dollar bearer certificates, foreign currency bearer certificates, and special US dollar bonds....

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