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March 05, 2008 Wednesday Safar 26, 1429 Gold prices touch new peak above Rs20,000 KARACHI, March 4: Domestic gold prices continue to scale new historical peak, touching Rs20,014 per 10 grams on Tuesday as compared to Rs19,757 on Monday and Rs19,500 on Saturday last in the aftermath of surging gold prices in world markets.... Opec set to reject Bush plea for more oil VIENNA, March 4: Opec on Tuesday looked set to ignore US President George W. Bush’s demand that the cartel increase oil output at its meeting here, with hardline members even calling for a cut in production....   Short-covering limits decline on stock market KARACHI, March 4: The Lahore bomb blast on Tuesday accelerated the pace of selling on the stock market but strong short-covering at the lower levels towards the closing bell limited the overall decline.... ‘China losing competitive edge’ SHANGHAI, March 4: More than half of foreign manufacturers in China believe the Asian giant is losing its competitive edge to other low-cost countries like Vietnam or India, a survey said on Tuesday.... Oil prices ease LONDON, March 4: World oil prices eased on Tuesday but held close to record highs on the eve of an Opec meeting at which the cartel is expected to shrug off consumer demands to pump more crude, analysts said.New... Warning against berthing huge vessel at Gwadar KARACHI, March 4: Experts have warned the ministry of ports and shipping that the expected arrival of Panamax class vessel, POS Glory, to unload wheat at Gwadar Port may damage the structure of the berth.... Govt may curb direct borrowing from SBP ISLAMABAD, March 4: The Ministry of Finance plans to limit direct borrowing from the central bank and rely more on the market in a bid to lighten the burden of public debt on the government.... State Bank mops up Rs4.5bn at 9.45pc KARACHI, March 4: The short-term money rates rose sharply on Tuesday after the State Bank of Pakistan sold 56-day Treasury bills (T-bills) in an outright sale, dealers said.... Pakistan attends Hanover IT fair ISLAMABAD, March 4: As part of its mission to promote the local IT companies’ potential in international market, Pakistan is participating in the CeBit Hanover -- 2008 fair being held in Germany.... Wind power generation catching interest KARACHI, March 4: The Dawood Lawrencepur Limited — a textile composite unit — had announced a week ago that it was acquiring all of the shares in ‘Tenaga Generasi Limited’ at a price equivalent to US$0.450... FBR condition withdrawn KARACHI, March 5: The Federal Board of Revenue (FBR) has withdrawn condition of bank’s endorsement ‘good for payment’ on post-dated cheques for the consignments being released for the purpose of re-export, official sources said.... Dollar slides LONDON, March 4: The dollar lost ground against the euro here on Tuesday in the face of fresh inflation fears in the eurozone and a call by the US Federal Reserve chief for tough action to prevent more US mortgage foreclosures.... Cotton output short by 8.4pc KARACHI, March 4: Despite some improvement in the flow of phutti (seed cotton) during February the overall production of cotton remained short by 8.49 per cent at 11.201... Need for boosting trade with Nigeria stressed ISLAMABAD, March 4: The Islamabad Chamber of Commerce and Industry has stressed the need for enhancing trade between Pakistan and Nigeria.... Hectic lint buying amid fears of price flare-up KARACHI, March 4: Panic buying was again witnessed on the cotton market on Tuesday as spinners and mills lifted another 30,000 bales for the third session in a row amid fears of an imminent price flare-up.... EDB budget proposals ISLAMABAD, March 4: The Engineering Development Board (EDB) has constituted 22 sectoral committees on engineering and allied sectors for framing proposals for 2008-09 budget.... Karachi Port operations KARACHI, March 4: Nine ships carrying general cargo, phosphate and to load ethanol and clinkers are expected to arrive at the outer anchorage on Wednesday, according to KPT sources.... Port Qasim KARACHI, March 4: Five ships carrying containers, wheat, diesel oil and chemicals were accommodated berths during the last 24 hours, said a Port Qasim Authority press release on Tuesday.... Palm oil prices up JAKARTA, March 4: Malaysian crude palm oil futures hit a record high on Tuesday but prices later tumbled following talk that China could intervene to curb rising prices.... Asian stocks close mostly down HONG KONG, March 4,: Asian stocks closed mostly down on Tuesday with worries about a looming US economic recession continuing to weigh on investors after causing share prices to plunge at the start of the week.... Karachi market rates KARACHI, March 4: The following were Tuesday’s commodity market rates in rupees....

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