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February 08, 2008 Friday Muharram 29, 1429 GST, energy rates may be raised to cut fiscal deficit ISLAMABAD, Feb 7: The government is considering curtailing current expenditure, increasing sales tax rates and raising energy prices to bridge the rising fiscal deficit, which now stands almost 70 per cent higher than the budgeted target.... Return on bank deposits up KARACHI, Feb 7: Banking spread, which shows a gap between lending and deposit rates, declined by 30 basis points in December 2007 compared to December 2006....   Stocks falter on Karachi violence KARACHI, Feb 7: The share market on Thursday failed to extend the overnight bullish trend as leading shares came in for modest pruning on selling triggered by violence in the city... PM to open Customs check-post at Wagah KARACHI, Feb 7: Caretaker Prime Minister Mohammedmian Soomro is formally inaugurating this week the customs checkpoint at Wagah border to facilitate overland transportation of cargo between Pakistan and India.... Tea prices set to rise by Rs25 per kg KARACHI, Feb 7: Leading packers of tea are considering increase in prices by Rs20-25 per kg following continuous upsurge in Kenyan tea prices due to election violence, low crop output and heavy buying by European countries for winter season.... Oil firmer LONDON, Feb 7: Oil prices crept higher on Thursday amid fresh supply woes as energy giant Shell said it would not be able to honour export contracts from Nigeria owing to unrest in Africa’s biggest exporter of crude.... Movement of cargo remains suspended KARACHI, Feb 7: Cargo movement to and from the Karachi Port and Port Qasim on Thursday came to a standstill as the transporters kept their vehicles off the road fearing fresh... Body set up to meet EU fishstandards ISLAMABAD, Feb 7: Caretaker Prime Minister Mohammedmian Soomro has constituted a steering committee to review the implementation of various measures linked with the withdrawal of ban on export of fish and fish products to the European Union within three months.... Investors irked by PSO board dismissal KARACHI, Feb 7: Less than 36 hours before the meeting of the board of directors of Pakistan State Oil (PSO) was to be held on the morning of Feb 6, the... ECB keeps rate steady, BoE cuts FRANKFURT, Feb 7: European Central Bank president Jean-Claude Trichet underscored “unusually high” uncertainty about eurozone growth prospects on Thursday as the ECB opened the door to a possible rate cut in the months to come if necessary.... Unhindered export of rice proposed ISLAMABAD, Feb 7: The Rice Advisory Board (RAB), headed by Caretaker Food Minister Mohammad Isa Jan Baloch, on Thursday proposed an unhindered export of rice.... Reserves at $14.778bn KARACHI, Feb 7: Pakistan’s total liquid foreign exchange reserves stood at $14.778 billion on February 2.... Setting up of units in SEPZ SIALKOT, Feb 7: The Chairman, Export Processing Zone Authority (EPZA), Kamran Y Mirza, has urged the business community of Sialkot to set up industrial units in Sialkot Export Processing Zone (SEPZ).... Framework to promote venture capital ISLAMABAD, Feb 7: The Securities and Exchange Commission of Pakistan (SECP) has finalised a framework for venture capital which will be issued by the end of next month, says its chairman Razi-ur-Rehman.... Listless trading on cotton market KARACHI, Feb 7: The cotton market on Thursday lacked normal trading interest as leading buyers remained conspicuous by their absence for no apparent reason on the supply front.... Karachi Port operations KARACHI, Feb 7: The activity at the Karachi Port is expected to further pick up as 10 vessels carrying raw jute, containers and to load clinkers are due on Friday, according to KPT sources.... Port Qasim KARACHI, Feb 7: Three ships scheduled to load/ offload containers, cement and furnace oil were accommodated berths during the last 24 hours, said a PQA press release on Thursday.... Kinno export may exceed 0.2m tons LAHORE, Feb 7: Pakistan’s kinno export crossed 80,000 tons mark by the end of January, mainly due to the revival of supplies to the Russian market.... Pakistan to host Saarc moot ISLAMABAD, Feb 7: Pakistan will host the third Saarc Business Leaders Conclave (SBLC) in November next aiming at increasing the intra-regional trade, said President Saarc Chamber of Commerce and Industry (SCCI) Tariq Sayeed.... HBFC Sukuk issue KARACHI, Feb 7: The House Building Finance Corporation has declared financial close of Pakistan’s first mortgaged-backed Rs1.5 billion Sukuk issue.... PTCL invests in submarine cable project ISLAMABAD, Feb 7: The Pakistan Telecommunications Company Limited (PTCL) has invested $50 million in a submarine cable as part of a consortium that will put in place a high-capacity fibre-optic cable,... Asian shares close mostly down HONG KONG, Feb 7: Asian shares closed mostly down on Thursday in quiet trade with many markets shut for the Lunar New Year holiday, but Japan rallied despite ongoing worries about the ailing US economy.... Platinum powers to record high, gold up LONDON, Feb 7: Platinum spiked to a historic high for the sixth trading day in a row on Thursday, as investors flocked to buy the metal on concerns over supply from top producer South Africa.... European stocks fall PARIS, Feb 7: European stocks fell to their lowest close in two weeks on Thursday as a rate cut by the Bank of England and a more dovish tone from the... Karachi market rates KARACHI, Feb 7: The following were Thursday’s commodity market rates in rupees....

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