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February 09, 2008 Saturday Safar 01, 1429 Govt shares in Sapico sold unlawfully: PC seeks legal advice ISLAMABAD, Feb 8: In a rare show of ignorance, the government is dumbfounded about the sale of its majority stakes in a Rs10 billion investment company that has been sold by... WTO backtracks on industrial goods GENEVA, Feb 8: The World Trade Organisation on Friday offered more flexibility to member states over the thorny issue of industrial products by removing a set of numbers to calculate tariff ranges....   Stocks resist larger fall on dividend-linked buying KARACHI, Feb 8: Stocks on Friday closed the weekend session on an easy note despite strong support on selected counters as investors played on both sides of the fence owing to risks involved during the intervening two official closures.... Congress okays US stimulus plan WASHINGTON, Feb 8: The US Congress has overwhelmingly approved a giant economic stimulus plan sought by the White House amid mounting fears that the world’s biggest economy could be sliding into a recession.... Sindh collects record revenue in January KARACHI, Feb 8: The Sindh government collected record revenue of Rs987.27 million during January, taking total recovery of taxes and levies during first seven months (July-January) of the fiscal year 2007-08 to Rs5.54... Apparel industry seeks yarn import via Wagha KARACHI, Feb 8: The textile apparel industry has urged the government to allow import of cotton yarn from India via Wagha border.... Rice exporters concerned over hike in prices KARACHI, Feb 8: Exporters have criticised the Rice Advisory Board for its failure to focus on the core issue of exorbitant increase in the prices of all varieties of rice during the current season.... Global stocks lost $5.2trn NEW YORK, Feb 8: Global stock markets were walloped with a collective loss of $5.2 trillion in the month of January as investors scurried for cover in the face of economic uncertainty, a report showed on Friday.... Asia not ‘immune’ to US slowdown TOKYO, Feb 8: Asian Development Bank chief Haruhiko Kuroda warned on Friday that the continent was not immune to a US economic slowdown, despite its resilience amid the housing market turmoil.... Cold spell damages mango crop MULTAN, Feb 8: The President of Mango Growers Association of Pakistan, Syed Zahid Hussain Gardezi, has said that the current cold spell in the country has devastated the mango cultivation spreading... Oil prices rally on supply fears LONDON, Feb 8: Oil prices rose strongly on Friday on supply disruptions in Nigeria, Africa’s biggest exporter, and expectations of colder weather in key energy consumer the United States, traders said.... FBR data warehouse to unearth tax evaders ISLAMABAD, Feb 8: Federal Board of Revenue Chairman M Abdullah Yousuf said on Friday that a data warehouse was being established for transparent audit of taxpayers.... Dollar steady on eve of G7 meeting LONDON, Feb 8: The dollar remained steady against major currencies on Friday despite a weak set of US wholesale inventory data and as dealers awaited a weekend meeting of top finance officials from rich nations.... Spinners eyeing cheaper Indian lint KARACHI, Feb 8: Cotton market on Friday passed through another dull trading session as spinners were eyeing the Indian lint, which is claimed to be imported at a bit lower rates as compared to the local benchmark prices.... Karachi Port operations KARACHI, Feb 8: Eight ships carrying containers, steel and to load cement are due to arrive at the outer anchorage on Saturday, according to KPT sources.... Port Qasim KARACHI, Feb 8: Normal shipping activity was witnessed at the port where a container ship was accommodated on berth at QICT during the last 24 hours, says a press release.... French minister praises ECB shift TOKYO, Feb 8: French Finance Minister Christine Lagarde on Friday welcomed the European Central Bank’s more cautious view of the economic outlook but said the euro was still too high for comfort.... WTO rules against EU on banana imports GENEVA, Feb 8: The World Trade Organisation has ruled in favour of a complaint by the United States against the European Union’s banana import regime, US trade officials said on Friday.... FPCCI slates port congestion surcharge KARACHI, Feb 8: Pakistan Federation of Chambers of Commerce and Industry (FPCCI) has termed the port congestion surcharge levied by shipping companies at the rate of $100 per 20 ft container and $200 for a 40 ft container as unjustified.... Company news KARACHI, Feb 8: Pakistan Gems and Jewellery Development Company is participating in the Tucson International Gem Show that started from February 6 and would continue to February 11 at Arizona.... European shares mixed LONDON, Feb 8: Europe’s main stock markets closed mixed on Friday, after a choppy week, with London buoyed by the mining sector due to higher commodity prices.... Asian stock markets close mixed HONG KONG, Feb 8: Asian stocks closed mixed on Friday in subdued trade with Japanese economic data raising concerns about the health of its economy while regional holidays held most investors in the wings.... Platinum lower LONDON, Feb 8: Platinum drifted lower on Friday after trading just below historic highs, but analysts said persistent supply concerns in top producer South Africa would propel the metal to new peaks in the coming weeks.... Indian rupee slips MUMBAI, Feb 8: The Indian rupee fell to a near two-week low on Friday, with sentiment hurt by losses in Indian equities, though dollar sales by exporters capped the local unit’s decline, dealers said.... Karachi market rates KARACHI, Feb 8: The following were Friday’s commodity market rates in rupees....

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