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February 13, 2008 Wednesday Safar 05, 1429 SBP chief rules out devaluation of rupee KARACHI, Feb 12: State Bank of Pakistan Governor Dr Shamshad Akhtar has firmly ruled out any possibility of devaluation of Pakistani currency and declared in categorical terms that “we will continue with the current system of exchange rate.’’... New govt to face tough economic challenges KARACHI, Feb 12: Whoever wins the February 18 election can be sure of one thing -- there will be no economic honeymoon....   KSE stages recovery by gaining 211.95 points KARACHI, Feb 12: The 100-share index of the Karachi Stock Exchange staged a snap recovery on Tuesday on strong dividend-linked buying in banking, cement and oil shares, triggered by reports of higher earnings, allaying analysts’ fears of pre-election imminent plunge.... 830 cows imported from Australia KARACHI, Feb 12: A vessel Stella Denev loaded with 830 milching cows was given berth on Tuesday at the Karachi Port. These animals have been imported from Australia by a dairy farm in Punjab.... European shares sharply up LONDON, Feb 12: European stock markets posted solid gains on Tuesday, helped by a firmer Wall Street as investors picked up bargains but also kept a wary eye on the banks after their US home loan troubles.... Credit to farm sector up by 26pc KARACHI, Feb 12: Credit flows to the agriculture sector were much higher than last year during the first half of the current fiscal but still lower than the target.... Surcharge to push essentials’ prices up KARACHI, Feb 12: Prices of raw material will go up while imported essential commodities like pulses will become costlier by 50 paisa to Re one per kg in case majority of shipping lines start charging terminal congestion surcharge from February 15.... Oil prices ease LONDON, Feb 12: Oil prices eased on Tuesday as the market kept watch on the outlook for the slowing US economy and its impact on crude demand, while tracking Venezuela’s threat to cut US supplies, dealers said.New... Dollar slips against euro LONDON, Feb 12: The dollar fell against the euro on Tuesday after a positive German investor confidence survey and a revival in risk appetite led investors to seek potentially higher yields in riskier assets like equities.... Asset firm Announces 30pc cash dividend KARACHI, Feb 12: JS Investments Limited (formerly JS Abamco Limited) — the largest private sector asset management company with over Rs37 billion under management — announced financial results for the half... Payment of pensions computerised in Sindh KARACHI, Feb 12: The Accountant General (AG), Sindh, Zulfikar Kadri, has said that computerisation of all departmental offices will be completed by the end of current financial year, and it will ensure transparent government payments and facilitate public sector.... Reinsurance of US bond WASHINGTON, Feb 12: Billionaire investor Warren Buffett on Tuesday said he offered to reinsure $800 billion in municipal bonds backed by three insurers hard hit by the US mortgage and credit crunch.... Platinum sets lifetime high LONDON, Feb 12: Platinum hit a record high for the ninth straight trading day on Tuesday as concerns deepened over output losses in top producer South Africa due to a power crisis, analysts said.... FBR told to decide case on merit ISLAMABAD, Feb 12: Federal Tax Ombudsman Justice (retd) Munir A. Sheikh has asked the Federal Board of Revenue (FBR) to consider the case of a complainant on merit.The... GM posts $38.7bn loss in 2007 CHICAGO, Feb 12: US automaker General Motors said on Tuesday it planned to offer voluntary buyouts to all 74,000 members of its union-represented US workforce, as it posted its biggest annual loss ever.... Karachi port operations KARACHI, Feb 12: Nine ships carrying containers and tallow and to load rice and clinker are due to arrive at the outer anchorage on Wednesday, according to KPT sources.... Port Qasim KARACHI, Feb 12: Shipping activity remained active at the port where two vessels carrying containers were allotted berths at Qasim international Container Terminal on Monday.... Cotton prices ease on sale of old stocks KARACHI, Feb 12: Cotton prices on Tuesday eased modestly lower by Rs25 per maund from the recent higher levels as some of ginners lowered their asking prices for the lower grade in an apparent bid to clear the backlog.... Plan to bail out UShomeowners WASHINGTON, Feb 12: US Treasury Secretary Henry Paulson on Tuesday unveiled a new programme to help homeowners facing foreclosure, backed by six leading mortgage companies.... India’s industry output falls 1NEW DELHI, Feb 12: India’s industrial output grew by 7.6 per cent in December, far below last year’s double-digit expansion, data showed on Tuesday, as the finance minister called for easier credit to spur the economy.... Company news KARACHI Feb 12: Mobilink has launched in-flight mobile phone service onboard international flights.... Asian shares close mostly up HONG KONG, Feb 12: Asian shares closed mostly up on Tuesday but the modest rally failed to inspire investor confidence after yet more gloomy news about the subprime mortgage default crisis in the US.... Palm oil prices lower KUALA LUMPUR, Feb 12: Malaysian crude palm oil futures ended 1.1 per cent lower on Tuesday, erasing earlier gains as soyaoil prices moderated in Asian trade and fears of a sustained growth in output compelled investors to cash in.... Karachi market rates KARACHI, Feb 12: The following were Tuesday’s commodity market rates in rupees....

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