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February 22, 2008 Friday Safar 14, 1429 Wheat harvesting in Sindh begins: Small farmers to suffer KARACHI, Feb 21: Wheat harvesting is reported to have begun on a small scale in some parts of lower Sindh, leaving farmers with smallholdings with no choice, but to dispose of... Hearings against banks conclude ISLAMABAD, Feb 21: The Competition Commission of Pakistan (CCP) has observed that it could impose a fine of up to Rs50 million on the banks found guilty of behaving like a cartel while launching various financial products....   Stocks briefly hit 15,000-level KARACHI, Feb 21: The Karachi Stock Exchange 100-share index on Thursday briefly breached through the psychological barrier of 15,000 points, up 142.39 points on strong buying, but failed to sustain it... Islamic banks told to raise presence in rural areas KARACHI, Feb 21: The Governor, State Bank of Pakistan, Dr Shamshad Akhtar, has asked the Islamic banks to increase their presence in rural areas and diversify their network for the benefit of the under-served.... Ogra law amended ISLAMABAD, Feb 21: President Pervez Musharraf on Thursday promulgated Oil and Gas Regularity Authority (Amendment) Ordinance, 2008.... No election impact on property prices KARACHI, Feb 21: There has been no instant impact of the elections outcome on the property market. The estate agents in Karachi believe that the activity may pick up after the... Oil, gold strike pinnacles LONDON, Feb 21: The price of oil touched an all-time peak of $101.32 a barrel in trading on Thursday, lifted by fears of supply disruptions, according to analysts.... DFIs allowed borrowing from SBP KARACHI, Feb 21: The State Bank of Pakistan has allowed development finance institutions (DFIs) to borrow from the discount window of the central bank on the same terms and conditions as... Swiss, Munich Re accept claims: Pakistan Reinsurance KARACHI, Feb 21: Pakistan Reinsurance Company Limited has received intimation of acceptance of claims from international re-insurers, Munich Re and Swiss Re, Ayaz Hussain M Gado, General Manager (Re), said on Thursday.... Dollar under pressure LONDON, Feb 21: The dollar was under more pressure on Thursday after another set of weak US economic data added to concerns that the world’s largest economy risks falling into recession.... Reserves KARACHI, Feb 21: The total liquid foreign reserves of the country stood at $14,080.3 million on February 16, the State Bank announced on Thursday.... Cotton trading picks up on covering purchases KARACHI, Feb 21: Physical activity on the cotton market on Thursday showed a modest rise as a section of spinners resumed their normal covering operations after about a week’s absence.However,... Karachi Port operations KARACHI, Feb 21: Five ships carrying chemicals and containers are expected to arrive at the outer anchorage on Friday, according to KPT sources.... Port Qasim KARACHI, Feb 20: Four ships to load and unload various commodities arrived at the outer anchorage, the berthing activity was slow as only two container vessels were accommodated berths during the last 24 hours, said a PQA press release on Thursday.... Company news KARACHI, Feb 21: Nokia has introduced the Nokia N78, a fully featured multimedia computer that combines music, navigation and photography with the benefits of mobility, says a press release.... Clarification LAHORE, Feb 21: The Sui Northern Gas Pipelines Limited has clarified a news item ‘Replacing ageing gas system to save $580m’ appeared in Dawn on Feb 14.... Asian shares close mostly higher HONG KONG, Feb 21: Asian shares closed mostly higher on Thursday as hopes of more US interest rate cuts helped investors shrug off record high oil prices and concerns about the global economy.... Malaysian palm oil at new peak KUALA LUMPUR, Feb 21: Malaysian palm oil futures jumped more than 2 per cent to a new peak for the sixth straight session on Thursday on tight global vegetable oil supplies and crude oil’s record over $101.... EU cuts eurozone growth BRUSSELS, Feb 21: The European Commission on Thursday cut sharply its 2008 growth estimate for the 15 countries sharing the euro to 1.7 per cent from 2.0... Karachi market rates KARACHI, Feb 21: The following were Thursday’s commodity market rates in rupees....

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