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April 19, 2008 Saturday Rabi-us-Sani 12, 1429 Banks to file appeal with CCP against penalties KARACHI, April 18: The banks being penalised on cartel charges have decided to file appeal with the Competition Commission of Pakistan against its decision.... Debt raises stakes in inflation battle SINGAPORE, April 18: The State Bank of Pakistan risks losing credibility unless it acts fast to rein in soaring inflation and the authority should not wait until July, when its next regular policy review is due.Pakistan’s... Rice shortages blur global trade trends CHICAGO, April 18: With established trade trends in rice being blurred by tight global supplies that have sparked global food riots, US exports are set to grow and enter more new markets.... Rupee falls to touch new 6-year low KARACHI, April 18: The rupee fell on Friday to touch a new 6-year low, and dealers said the currency might fall further because of high demand for the US dollar from importers, dealers said.... Forex regimes PARIS, April 18: Developing countries may need more flexible exchange rate regimes and the global financial system might be better off if a broader range of currencies were used as reserves, a Chinese central bank adviser said on Friday.... Stocks finish weekend session on bullish note KARACHI, April 18: Stocks finished the weekend session on a bullish note amid active short-covering almost on all the blue chip counters ahead of some important board meetings and market talk of higher payouts.... OGDCL makes small oil discovery SINGAPORE, April 18: The Oil and Gas Development Company Ltd announced on Friday a small oil discovery in Sindh, raising its oil output by 1,150 barrels per day (bpd).... Farmers slate raise in flour price MULTAN, April 18: Farmers and traders of southern Punjab have criticised the Punjab government decision to increase the wheat flour price.... UK to boostinvestment in Pakistan KARACHI, April 18: British Deputy High Commissioner Robert Gibson has stressed on the importance of taking a strategic approach towards finding and utilising investment opportunities in Pakistan.... Govt skims Pakistan Reinsurance KARACHI, April 18: The government, which directly and indirectly holds 75 per cent shares in Pakistan Reinsurance, has cleverly skimmed the company, by allowing itself the luxury of bonus shares in the ratio of incredible 455.56... Oil price crosses $116 on fresh supply jitters LONDON, April 18: Crude oil prices crossed 116 dollars a barrel for the first time on Friday after a pipeline attack in Nigeria, Africa’s biggest oil producer.... Banks sign accord for IT Tower’s financing KARACHI, April 18: A consortium of banks on Friday entered into an agreement to act as ‘joint lead arranger’ to mobilise funds for construction of country’s first IT Tower being built... 3G mobile phone licences to be given soon LAHORE, April 18: Pakistan Telecommunication Authority (PTA) Chairman Shahzada Alam Malik has said that the process of awarding 3rd Generation mobile phone licences will be completed by the end of this year.... Cotton trading gets slow on hopes of price rise KARACHI, April 18: Trading activity on the cotton market was relatively slow but prices remained stable around the previous levels as the Sindh ginners held on to their unsold positions anticipating fresh rise.... Karachi Port operations KARACHI, April 18: Ten ships carrying general cargo, containers and to load cement are due to arrive at the outer anchorage on Saturday, according to KPT sources.... Port Qasim KARACHI, April 18: Two ships arrived at the outer anchorage during the last 24 hours, said a PQA press release on Friday.... Khushhali Bank Aurat project ISLAMABAD, April 18: The Khushhali Bank has said that the dreary picture painted in the Auditor General’s report of its performance regarding the ‘Jafakash Aurat’ project in 2007 has changed for the better in 2008.... Citigroup posts $5.1bn loss NEW YORK, April 18: US banking giant Citigroup reported on Friday a first-quarter net loss of $5.1 billion, hurt by at least $12 billion in write-downs amid soured subprime investments, and said it would cut an additional 9,000 jobs.... Euro falls on profit-taking LONDON, April 18: The euro slid against the dollar here on Friday, weakened by profit-taking, after trading close to its record high against the US currency on dimming prospects for a eurozone rate cut, traders said.... ‘Biofuels pose a moral problem’ PARIS, April 18: Biofuels pose a moral problem and the worst of rioting prompted by soaring food costs may be yet to come, Dominique Strauss-Kahn, head of the International Monetary Fund, said on Friday.... Asian stocks close mostly down HONG KONG, April 18: Asian stocks closed mostly down on Friday with Chinese shares slumping nearly four per cent amid mixed US corporate earnings figures and oil prices still trading at near record highs.... Gold falls as dollar recovers LONDON, April 18: Gold drifted lower on Friday after early gains, and analysts said the market needed a catalyst to break out of its trading range and march towards record highs above $1,000 an ounce.... Palm oil prices lower JAKARTA, April 18: In Malaysia, palm oil futures fell on Friday as indications of a supply build-up and the rapidly appreciating ringgit prompted some investors to cash in.... Karachi market rates KARACHI, April 18: The following were Friday commodity market rates in rupees....

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