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January 23, 2008 Wednesday Muharram 13, 1429 Bourses to have 60pc independent directors: Cabinet approves ordinance ISLAMABAD, Jan 22: The federal cabinet on Tuesday approved the much-awaited ordinance for the corporatisation, demutualisation and integration of the country’s three stock exchanges.... ‘Political turmoil casts shadow over banking industry’ KARACHI, Jan 22: Despite improved profitability and risk management capabilities, political turmoil casts a dark shadow over banking industry of Pakistan, said the latest Asian Banker’s Asia Pacific Banking Industry Outlook Report....   Fresh short-covering limits losses on KSE KARACHI, Jan 22: Stocks on Tuesday again showed highly erratic movements as investors played on both sides of the fence selling at the rise and buying at the dips, reflecting the prevailing political uncertainty.... Bosicor in advanced takeover talks KARACHI, Jan 22: Bosicor Pakistan Limited (BPL) announced on Tuesday that it was in talks with certain parties which eventually would result in passing over of the majority stake in the... India keen to boost border trade KARACHI, Jan 22: India is keen to develop cross-border trade with Pakistan, Bangladesh, Nepal and Bhutan from four designated points of its international borders with these countries.... Fed cuts rates to ease US economic woes WASHINGTON, Jan 22: The US Federal Reserve made an unprecedented move on Tuesday – slashing two key interest rates by three-quarters of a percentage point to prevent a market meltdown and recession.... Oil prices rise LONDON, Jan 22: World oil prices won back some of the day’s heavy losses on Tuesday after news of a surprise US rate cut, and amid global stock market chaos and mounting economic concerns.... Ship with toxic waste being purchased KARACHI, Jan 22: An oil tanker loaded with toxic chemicals is being purchased by a Pakistani ship-breaker, sources said on Tuesday.... Kenyan unrest may push up local tea prices KARACHI, Jan 22: Pakistanis may have to sip costlier black tea as its wholesale price in the local market has already surged by Rs10-20 per kg following sharp increase in Kenyan... Dollar weaker LONDON, Jan 22: The dollar was weaker against the euro on Tuesday after the US central bank cut interest rates by an unprecedented three quarters of a point in an effort to keep the US economy out of recession.... European stock markets recover LONDON, Jan 22: European stock markets went on a roller-coaster ride on Tuesday, but mostly recovered at the end of a day that saw the US central bank make an unprecedented cut in interest rates.... Executive opinion survey this week ISLAMABAD, Jan 22: The World Economic Forum (WEF) and the Competitive Support Fund (CSF) will jointly launch this week the “Executive Opinion Survey in Pakistan” to reflect the voice of the business community in the Global Competitiveness Report 2008-2009.... Exporters hope for $500m orders at Heimtextil KARACHI, Jan 22: Pakistani exhibitors negotiated export orders worth over $500 million in the Heimtextil, Frankfurt. Around 170 exhibitors from Pakistan participated in the world’s largest fair of home textiles and displayed their top-line home furnishings and textile made-ups.... Cotton trading gets normal KARACHI, Jan 22: Cotton market on Tuesday finished on a steady note as mills and spinners resumed their normal buying operations after the Ashura holidays.... UK diplomat for strong trade ties KARACHI, Jan 22: British Deputy High Commissioner and Director UK Trade and Investment for Pakistan Hamish St. Clair Daniel on Tuesday said his country wanted to further strengthen economic ties with Pakistan by exploiting new avenues for mutual trade and investment.... Postings at regional tax office ISLAMABAD, Jan 22: The Federal Board of Revenue (FBR) has appointed senior tax officers of sales tax and federal excise group for postings at Regional Tax Office, Karachi.... Russia to build rail link in S. Arabia RIYADH, Jan 22: Saudi Arabia has invited the state-owned Russian Railways for talks on a contract to build the 520-km (325-mile) railway from Al Zabirah, a key mainline junction on its giant North-South railway project, to Riyadh international airport.... Pakistan to attend US textile fair ISLAMABAD, Jan 22: The Trade Development Authority of Pakistan (TDAP) will assist textile exporters to participate in the US ‘Material World’ trade show.... Karachi Port operations KARACHI, Jan 22: Four ships carrying containers, steel wires and to load cement are due on Wednesday, according to KPT sources.... Port Qasim KARACHI, Jan 22: Four ships carrying containers, edible oil and project cargo were accommodated berths during the last 24 hours, said a PQA press release on Tuesday.... Asian share markets plunge again HONG KONG, Jan 22: Asian shares plunged again on Tuesday as the threat of a US recession led panicky investors to dump stocks, sending a clutch of markets down more than seven per cent and Tokyo to a 28-month low.... Karachi market rates KARACHI, Jan 22: The following were Tuesday’s commodity market rates in rupees.... Palm oil lower KUALA LUMPUR, Jan 22: Malaysian crude palm oil futures dived more than 5 per cent to a three-week low on Tuesday as growing fears of a US economic recession walloped world stock markets, knocking global commodity prices lower as well....

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