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March 27, 2008 Thursday Rabi-ul-Awwal 18, 1429 Oil jumps to $105 as US inventories decline NEW YORK, March 26: Oil jumped above $105 a barrel on Wednesday, after a US government report showed larger-than-expected drops in fuel stocks and declining fuel production in the world’s top oil consumer.... Gwadar Portto receive 1st container ship in April KARACHI, March 26: The Singapore Port Authority International (SPAI) plans to receive the first ever container vessel by the end of April after the commissioning of gantry cranes used for loading and unloading of containers, official sources said on Wednesday....   BoP recovers part of controversial debt KARACHI, March 26: The Bank of Punjab, which has been in the eye of storm since the release of its annual accounts in February with an auditor’s qualification, may be extricating... SBP fails to sell T-bills on higher return demand KARACHI, March 26: The State Bank on Wednesday failed to sell its Treasury bills as banks resisted against the liquidity crunch created by the SBP and asked for higher return on their money.... Trichet looks to Asian, oil crises for lessons BRUSSELS, March 26: European Central Bank chief Jean-Claude Trichet warned on Wednesday that global markets were in the midst of a major correction that recalled the 1997-98 Asian financial crisis and the first global oil shock.... Euro higher against dollar LONDON, March 26: The euro rose against the dollar Wednesday on the back of a strong German business confidence survey and comments from the European Central Bank which suggested no early cut in eurozone interest rates.... Stocks gain 76 points on cash margin waiver KARACHI, March 26: Stocks on Wednesday recovered from the overnight lows boosted by the waiver on 25 per cent proposed cash margin under the new CFS Mk-2, share trading rules to be effective from April 7.... Rs1 billion fraudulent refund cases detected KARACHI, March 26: The directorate-general of Inspection and Internal Audit, Federal Board of Revenue, has detected over Rs1 billion pocketed illegally by textile exporters through fraudulent sales tax refunds.... Punjab growers boycott wheat purchase drive MULTAN, March 26: Having termed the government wheat procurement price as unjustified, the farming community of southern Punjab has announced not to sell its wheat crop to the government.... Fish smuggling to Iran pushes up local rates KARACHI, March 26: A sizable quantity of various fish varieties is being smuggled to Iran from Karachi on daily basis, resulting in pushing up the rates of fish in the market.... Asian, Pacific states to see higher food prices RAWALPINDI, March 26: Food prices in the Asian and Pacific states, including Pakistan, are likely to remain high, says a UN report.... Cotton trading lacks normal interest KARACHI, March 26: The cotton market on Wednesday lacked normal trading interest as spinners remained conspicuous by their absence owing partly to higher asking prices by ginners.... ‘US needs to review rules for securities firms’ WASHINGTON, March 26: The collapse of investment giant Bear Stearns highlights the need to “think more broadly” about regulation of securities firms in the US, Treasury Secretary Henry Paulson said.... US new home sales drop WASHINGTON, March 26: Sales of new homes across the United States fell again in February as the property market remained mired in one of its worst downturns in decades, a government report showed on Wednesday.... Company news KARACHI, March 26: Telenor Pakistan in collaboration with AeroMobile has commercially launched in-flight mobile service which allows its post-paid customers to use their GSM services while in flight on Emirates Airline aircraft equipped with the AeroMobile system, says a press release.... Motorola to split NEW YORK, March 26: Motorola announced on Wednesday it would split into two independent, publicly traded companies in an effort by the struggling telecom and wireless firm to regain market leadership.... Port Qasim KARACHI, March 26: Three ships carrying containers, wheat and chemicals were berthed during the last 24 hours, said a PQA press release on Wednesday.... Karachi Port operations KARACHI, March 26: Seven carrying containers and to load cement are expected to arrive at the outer anchorage on Thursday, according to KPT sources.... Gold hits one-week high LONDON, March 26: Gold hit a one-week high on Wednesday as a falling dollar and firm oil prices encouraged investors to shift money back into the market after last week’s heavy sell-off.... Asian stock markets close mixed HONG KONG, March 26: Asian stocks closed mixed on Wednesday with bargain hunting continuing in some sectors but broader sentiment was again weighed down by fears over the state of the US economy.... Malaysian palm oil up KUALA LUMPUR, March 26: Malaysian crude palm oil futures soared 5.7 per cent on Wednesday to near a two-week high as concerns of tight global oilseed supplies spurred investors to buy after last week’s sell-off....

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