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March 29, 2008 Saturday Rabi-ul-Awwal 20, 1429 Banks face high level of defaults KARACHI, March 28: It seems that banks’ golden era is over as the entire industry is facing high level of defaults with the two best customers — textile and consumers — have been denying paying back the loans.... D-8 states finalise rules for PTA’s implementation ISLAMABAD, March 28: The D-8 countries on Friday finalised the rules of origin for the implementation of the much-awaited preferential trade agreement (PTA) to increase the volume of regional trade.... Stocks shed extra weight on profit-taking KARACHI, March 28: Stocks suffered fractional pruning at the inflated levels on Friday as some investors took profits but there were buyers at the dips, notably on the cement and banking sectors.... Workshop on Islamic financial services KARACHI, March 28: The State Bank on Friday organised a workshop here on “Impact Study on Islamic Financial Services Board (IFSB) Capital Adequacy Standard” to brief the representatives of the Islamic banking institutions (IBIs) on implementation of IFSB capital adequacy standard.... India raises minimum rice export price NEW DELHI, March 28: India has raised the minimum export price for non-basmati rice to $1,000 per metric ton free on board to protect domestic supplies as inflation rose to a... T-bill auction KARACHI, March 28: The State Bank of Pakistan sold Rs18.55 billion of Treasury bills on Friday under three-day repo contracts at 8.75 per cent to mop up funds from the money market.—Reuters... Local carmakers push up prices KARACHI, March 28: Local carmakers have been pushing up prices after having pressured the caretaker government to withdraw a 2.5 per cent withholding tax aimed at improving car sales.... PSO seeks more diesel, jet fuel for April-July SINGAPORE, March 28: Pakistan State Oil tendered to buy 390,000 tons of high-sulphur diesel and jet fuel for end-April to July supply, up from 220,000 metric tons bought for February to April, a company source said on Friday.... Textile City to be launched on April 4 KARACHI, March 28: The Rs2.2 billion Textile City project will be launched for domestic and foreign investors in a big way at the Textile Asia fair, scheduled to be held from April 4 to 7 at the Karachi Expo Centre.... Facility to handle high-tech vehicles RAWALPINDI, March 28: The roadside and illiterate untrained mechanics have no answer to the vehicles equipped with latest technologies and electronically controlled fuel injections, which are now making their ways to roads in all parts of the country.Kenichi... Condition for CNG stations relaxed KARACHI, March 28: The federal government has allowed the provisional CNG licence holders to import required machinery for setting up filling stations or purchasing them from the approved local manufacturers of... LPG prices cut to boost sales KARACHI, March 28: Marketing companies have again reduced prices of liquefied petro-leum gas (LPG) by Rs1.5 to Rs53.50 per kg and by Rs15 to Rs565 for 11.8 kg domestic cylinder.... MCB Bank shows robust growth KARACHI, March 29: The MCB Bank showed a robust growth of 15 per cent and 26 per cent profit before and after tax which closed at Rs21.31 billion Rs15.3 billion, respectively.... BoP confirms partial debt payment KARACHI, March 28: Through a notice read out at the Karachi Stock Exchange on Friday, the Bank of Punjab confirmed that it had received a part of its controversial advances to... Dollar under pressure against euro LONDON, March 28: The dollar was under pressure against the euro on Friday but held steady against the yen after worse-than-expected data raised fresh concerns about the health of the Japanese economy, the world’s second largest.... Oil prices drop below $106 LONDON, March 28: Oil prices fell heavily on Friday on renewed concern that a slowdown in the US economy would dampen energy demand and on news that damage to an Iraqi pipeline was not as serious as first thought, analysts said.... Listless trading on cotton market KARACHI, March 28: Cotton market passed through a listless trading session on Friday as Punjab’s trading centres remained closed on account of weekly holiday.... Karachi Port operations KARACHI, March 28: Seven vessels including three cement loaders to load 22,000 tons of cement are expected to arrive at the outer anchorage on Saturday, according to KPT sources.... Port Qasim KARACHI, March 28: Three ships carrying containers and furnace oil arrived at the outer anchorage during the last 24 hours, said a PQA press release on Friday.... US consumer spending stalls WASHINGTON, March 28: US consumer spending stalled in February despite rising incomes as Americans boosted savings amid recession fears, according to government data released on Friday.... OICCI elections Karachi, March 28: Waqar A. Malik, chief executive officer ICI Pakistan, has succeeded as the president of Overseas Investors Chamber of Commerce and Industry (OICCI) for 2008-09.... Conference KARACHI, March 28: Two-day South Asian Federation of Accountants (Safa) Conference on “Value Creation by Professional Accountants” will be held in Lahore from April 4.... Company news FRANKFURT, March 28: Commerzbank, Germany’s second biggest bank, confirmed on Friday its 2008 earnings targets despite ongoing financial market turbulence sparked by the US subprime home loan crisis.... ECB to pump $235bn FRANKFURT, March 28: The European Central Bank said on Friday it would provide 150bn euros in additional liquidity, which would include its first ever six-month refinancing operations.... Asian share markets higher HONG KONG, March 28: Asian stocks closed higher on Friday with bargain hunters and late positioning as the first quarter of 2008 draws to an end offset poor sentiment from another dismal performance by Wall Street.... Palm oil eases on profit-taking KUALA LUMPUR, March 28: Malaysian crude palm oil futures fell as much as 3.7 per cent on Friday as traders took profits across vegetable oil markets.... British economy slowed in 2007 LONDON, March 28: Britain’s economy grew by less than expected last year, official data showed on Friday, as analysts warned of a harsher slowdown in 2008 because of the global credit crunch.... Revised terms for Alitalia rejected ROME, March 28: Alitalia’s nine unions on Friday rejected a revised version of Air France-KLM’s takeover plan for the nearly bankrupt Italian flag carrier, the ANSA news agency reported....

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