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March 01, 2008 Saturday Safar 22, 1429 Insurance Industry pays heavy price: Post-Benazir murder unrest KARACHI, Feb 29: Unrest in Karachi and other parts of the country in reaction to the assassination of Benazir Bhutto has led to a massive increase in payment of claims by the insurance companies.... Ghee prices shoot up KARACHI, Feb 29: The ghee price shot up to Rs1,940 per 16 kg here on Friday from Rs1,885 on the back of rising palm olein rate in Malaysia....   Stocks suffer week’s largest decline, fall below 15,000 KARACHI, Feb 29: The Karachi Stock Exchange (KSE) 100-share index on Friday suffered week’s largest decline on weekend profit-selling and fell below the barrier of 15,000 points despite encouraging corporate announcements... Weekly inflation rises by 12.16pc ISLAMABAD, Feb 29: The weekly inflation, measured through the Sensitive Price Index (SPI), increased by 12.16 per cent during the week ended on Feb 28, over the corresponding period last year,... PSO agrees to buy 1.2m tons fuel oil SINGAPORE, Feb 29: Pakistan State Oil (PSO) agreed to buy up to 1.2 million tons of fuel oil for March-July delivery, the highest import volumes in its semi-term tenders since 2004, at steady premiums, industry sources said on Friday.... Value-addition of textile products proposed KARACHI, Feb 29: Federal Minister for Commerce and Textile Industry Shahzada Alam Monnoo said here on Friday that solution to all problems, including that of short cotton crop, viability of industry... Violation of copyrights increases KARACHI, Feb 29: The violation of copyrights, a vital constituent of the Intellectual Property Rights (IPR), has increased substantially during the last two and a half years due to non-functional status... Discounting in tight money market KARACHI, Feb 29: Money market was short of funds on Friday and banks were forced to go to the central bank’s discount window, dealers said.... Gem exporters to attend Indian fair KARACHI: Feb 29: Pakistan Gems and Jewellery Development Company (PGJDC) has arranged Pakistani gems and jewellery exporters’ participation in IIJS Signature fair, Goa, from February 29 to March 3.... US consumer spending rises modestly WASHINGTON, Feb 29: US consumer spending showed a modest improvement in January according to a government survey on Friday, but economists said Americans’ wallets are being stretched by inflationary pressures.... Gold price hits record LONDON, Feb 29: The price of gold rose to a record high point of 971.50 dollars per ounce here on Friday from 959.75 dollars late on Thursday as the dollar struck fresh historic lows against the euro, traders said.... Oil eases after hitting fresh peak LONDON, Feb 29: Oil prices charted fresh record territory on Friday, rising to $103.05 as the dollar fell to all time lows, before profit-taking trimmed the gains, traders said.... No deduction of tax on payments to banks ISLAMABAD, Feb 29: The Federal Board of Revenue (FBR) has directed the withholding agents not to insist on production of a specific exemption certificate from the banking companies.... Robust growth drives more S. Asia FDI: ADB MANILA, Feb 29: Robust near-term economic growth should drive strong foreign direct investment flows into South Asia despite corruption, poor infrastructure, rigid labour laws and civil unrest, the Asian Development Bank said Friday.... Panic buying boosts cotton trading KARACHI, Feb 29: Active trading was again witnessed on the cotton market on Friday as spinners and mills continued to make panic buying amid fears of price flare-up.... Karachi Port operations KARACHI, Feb 29: Eight ships carrying containers and general cargo are due to arrive at the outer anchorage on Saturday, according to KPT sources.... Port Qasim KARACHI, Feb 29: Three ships carrying containers, palm oil and chemicals were accommodated berths during the last 24 hours, said a PQA press release on Friday.... India’s economic growth slows in Q3 NEW DELHI, Feb 29: India’s economy grew by 8.4 per cent in the third quarter, its slowest pace in two years, on lower farm and industrial output from the same period a year ago, official data showed on Friday.... Company news KARACHI, Feb 29: The Pakistan German Business Forum (PGBF) held its annual general meeting on December 14, 2007 and completed its new board for the term 2008-09 after holding of the... Eurozone jobless rate hits record low BRUSSELS, Feb 29: The eurozone unemployment rate stood at a record low point of 7.1 per cent of the workforce in January, according to official EU data released on Friday.... Japan drops plan to cap foreign investment TOKYO, Feb 29: Japan’s government on Friday shelved a proposal to restrict foreign ownership of airports amid concern that the move would undermine wider efforts to attract investment.... Asian stocks close mostly lower HONG KONG, Feb 29: Asian stocks closed mostly lower on Friday as Wall Street’s weakness, record oil prices and a weak US dollar -- which makes regional exports more expensive -- weighed heavily on sentiment.... Palm oil above 4,000 ringgit KUALA LUMPUR, Feb 29: Malaysian palm oil surged above 4,000 ringgit a ton for the first time on Friday as crude oil’s surge to a record and buoyant export demand triggered a fresh wave of buying by funds and speculators.... Karachi market rates KARACHI, Feb 29: The following were Friday’s commodity market rates in rupees....

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