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January 03, 2008 Thursday Zilhaj 23, 1428 Power, gas cuts cripple Textile industry KARACHI, Jan 2: Massive load-shedding of electricity and gas is crippling textile industry which is already confronted with numerous problems, including high cost of production.... Gas supply to 900 more units stopped LAHORE, Jan 2: The Sui Northern Gas Pipelines Limited (SNGPL) on Wednesday stopped supplies to over 900 industrial units in Punjab and NWFP, as part of its plan to shut off...   Stocks suffer widespread fall KARACHI, Jan 2: Stocks on Wednesday fell for the third session in a row as investors are in two minds about the future direction of the market and could not precisely... Rumour mongers do it again! KARACHI, Jan 2: After two days of bloodbath at the Karachi Stock Exchange, which wiped out 7.62 per cent of the value of equities and 1,105 points from the KSE-100 index,... CNG dealers increase gas rates in Sindh KARACHI, Jan 2: CNG dealers in Sindh, particularly in Karachi, have decided to increase gas rate by Rs2.50 per kg to Rs36 from Rs33.50 per kg following an Ogra decision to increase gas rates for CNG stations by 10 per cent.... Cut in export finance limit criticised KARACHI, Jan 2: Exporters have criticised the State Bank of Pakistan (SBP) for further reducing export refinance limit of individual banks, saying it will adversely affect export trade which is already on the decline.... Revenue target may be revised downward ISLAMABAD, Jan 2: The Federal Board of Revenue (FBR) is likely to revise downward annual revenue collection target to less than a trillion in the wake of expected revenue shortfall of... Cement sales jump 24pc, exports soar KARACHI, Jan 2: Pakistani cement sales jumped 24 per cent in the first half of fiscal 2007/08 from a year earlier, driven by growing construction demand at home and abroad, an industry official and an analyst told Reuters on Wednesday.... Textile Exports decline marginally ISLAMABAD, Jan 2: Export of textile products marginally declined by 0.51 per cent during the first five months of the current fiscal year as it stood $4.487... Demurrage waived KARACHI, Jan 2: The Ministry of Ports and Shipping has decided to waive demurrage charges for five days against all consignments reaching Karachi and Qasim ports during Dec 17-31 period.... Gold price breaks 28-year record LONDON, Jan 2: Unrest in Pakistan, a faltering dollar and surging oil futures sent the price of gold soaring to a record high on Wednesday, beating its previous highest level set 28 years ago.... Fresh guidelines for Islamic banks KARACHI, Jan 2: The State Bank of Pakistan has formulated Risk Management (RM) Guidelines for Islamic Banking Institutions (IBIs) with a view to further strengthening the regulatory framework in the area of risk management for IBIs.... Dollar falls sharply LONDON, Jan 2: The dollar fell sharply against the euro on Wednesday after weak manufacturing data had analysts talking again about a recession in the world’s biggest economy.... Firm trend on cotton market KARACHI, Jan 2: Cotton market on Wednesday showed firm trend as prices were quoted higher by Rs50 per maund amid briskly traded session.... Value-addition of coarse rice stressed KARACHI, Jan 2: The Union of Small and Medium Enterprises (Unisame) has drawn the attention of the Ministry of Commerce (MoC) towards the fixation of minimum export price (MEP) of $500 per tons by the Indian government for coarse rice.... Karachi Port operations KARACHI, Jan 2: Seven ships carrying chemicals, phosphate and containers, are expected to arrive at the outer anchorage on Thursday, according to KPT sources.... Accord signed KARACHI, Jan 2: Siemens will deliver SAP Enterprise Resource Planning (ERP) system and corresponding consulting services to Getz Pharma for implementation at its locations. An announcement here on Wednesday said an agreement to this effect was signed.... Plgmea slams cut in duty drawback rate KARACHI, Jan 2: Pakistan Leather Garments Manufacturers and Exporters Association (Plgmea) has condemned the Federal Bureau of Revenue for taking a unilateral decision of slashing duty drawback rate on export of leather garments from 3.22... Elected KARACHI, Jan 2: Mohammad Nisar Shekhani has been elected chairman of Site Association of Industry, while S. Zafar Ahmed and Asad Nisar Burkhudaria have been elected unopposed senior vice chairman and vice chairman for the year 2008.... KATI polls KARACHI, Jan 2: Shaikh Fazl-i-Jalil, Razzak Hasham Paracha and Syed Johar Ali Qandhari have been elected chairman, senior vice chairman and vice chairman of Korangi Association of Trade and Industry (KATI), respectively for 2008.... Asian stocks close mostly down HONG KONG, Jan 2: Asian stocks closed mostly down on Wednesday as pessimism about the stuttering US economy weighed on investor sentiment but India bucked the trend to hit a record close.... European shares higher LONDON, Jan 2: Europe’s main stock markets were mostly higher on Wednesday the first trading day of 2008 -- with the banking sector in focus amid takeover talk involving British and Spanish lenders.... Palm oil futures climb KUALA LUMPUR, Jan 2: Malaysian crude palm oil futures began trading in the new year on a strong note, rising as much as 1.5 per cent, as resilient demand and firm crude oil prices boosted the market.... Karachi market rates KARACHI, Jan 2: The following were Wednesday’s commodity market rates in rupees....

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