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| June 24, 2008 | Tuesday | Jamadi-us-Sani 19, 1429 |
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SECP takes market stabilisation steps: Lower circuit restricted to 1pc; short sale banned
KARACHI, June 23: Following the steep decline of 28 per cent, representing 4,500 points in the KSE-100 index from its peak two months ago, including more than 4 per cent drop... 
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Tariff agreed for Hubco plant
KARACHI, June 23: The tariff structure for Hubco’s 225MW power plant has been agreed with the National Electric Power Regulatory Authority....
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Oil prices rally after Jeddah meet
LONDON, June 23: Oil prices rose above $136 a barrel on Monday after major energy producers ruled out further output despite consumer fears the world faces a tight supply situation, traders said....
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5pc levy on LPG likely from July 1
KARACHI, June 23: Consumers would have to pay Rs3 per kg more on LPG following a proposed imposition of 5 per cent gas development surcharge....
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Pakistan’s exports face greater barriers: WB
ISLAMABAD, June 23: Pakistan’s exports face much greater barriers than other South Asian economies because of a less favourable governance environment and a weak control on corruption, says the World Bank....
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Inflation makes global comeback
PARIS, June 23: Inflation, the curse of the 1970s, is staging a comeback, led by sky-high oil prices. This time, the menace is more genuinely global than three decades ago, and this time much of it is “Made in China”....
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State Bank mops up Rs5bn
KARACHI, June 23: The short-term money rates rose after the State Bank of Pakistan on Monday sold Treasury bills (T-bills) to mop up liquidity....
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Consumer financing falls sharply
KARACHI, June 23: Credit card, car financing, personal loans and consumer durable business of banks remained almost stuck up or witnessed only a slight improvement during the last 10 months....
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PSO buys 50,000 tons gasoline
SINGAPORE, June 23: Pakistan State Oil (PSO) has bought a total 50,000 tons of gasoline for late June-August arrival, or 25 per cent more than what it stated in its tender, a trader said Monday....
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Gas discovered
ISLAMABAD, June 23: The Petronas Carigali Pakistan Ltd (PCPL) on Monday announced that it has made a second discovery of gas in the Mubarak Block, located in Ghotki district....
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Kuwaiti firm to hike stake in Meezan Bank
KUWAIT, June 23: Kuwait’s Noor Financial Investment Co plans to raise its stake in Pakistani Islamic lender Meezan Bank to 42 per cent from 35 per cent, its managing director said on Monday....
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KSE 100-share index loses 493.11 points
KARACHI, June 23: The Karachi Stock Exchange (KSE) 100-share index on Monday appeared to be heading to breach through the psychological barrier of 10,000 points and analysts fear there may be...
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How long Europe will bear fuel price shock?
PRAGUE, June 23: Strong currencies have helped shield consumers in central and Eastern Europe from a spike in oil prices, even as others around the world harangue their governments to rein in rampant price growth....
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Acquisition
MOSCOW, June 23: The Russian state has secured a controlling stake in the world’s number 2 diamond producer Alrosa, Interfax news agency reported on Monday, citing the finance minister.“Following...
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FBR promotions
KARACHI, June 23: The Federal Board of Revenue (EBR) has promoted a number of officers belonging to income tax, customs and excise group to next higher grades....
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Karachi Port operations
KARACHI, June 23: Nine ships including five cement an clinker loaders are due to arrive at the outer anchorage on Tuesday, according to KPT sources....
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Port Qasim
KARACHI, June 23: Two container ships arrived at the outer anchorage, while two vessels carrying diesel oil were accommodated berths during the last 24 hours, said a PQA press release on Monday....
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TCP justifies scraping of sugar tenders
KARACHI, June 23: The Trading Corporation of Pakistan (TCP) said on Monday that sugar mills have quoted higher prices than wholesale market for sugar sale in response to its two tenders....
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Citigroup to cut 6,500 jobs
NEW YORK, June 23: Citigroup Inc plans to cut thousands of trading and investment banking jobs this week, part of previously reported plans to slash about 10pc of its investment bank division, a person familiar with the situation said on Monday....
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Lint prices steady on active demand
KARACHI, June 23: Trading on the cotton market on Monday resumed on a firm note, thanks to the presence of active mill support below Rs4,000 per maund....
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Karachi market rates
KARACHI, June 23: The following were Monday commodity market rates in rupees....
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Gold up in Europe
LONDON, June 23: Gold climbed in Europe on Monday as rising oil prices fuelled buying of bullion as an inflation hedge....
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Asian stocks end mainly down as oil prices rise
HONG KONG, June 23: Asian stocks closed mostly down on Monday as the rising oil price, heavy losses on Wall Street last week and uncertainty ahead of a US interest rate decision weighed on sentiment....
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Palm oil edges higher
KUALA LUMPUR, June 23: Malaysian crude palm oil futures inched up 0.19 per cent on Monday, snapping almost a week of losses, as investors took up contracts in a bout of bargain-hunting....
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Bank of England hawk says weaker economy will cool inflation
LONDON, June 23: Britain must ensure rising inflation does not feed into wages but a slowing economy should help cool price pressures over the next year, Bank of England policy hawk Andrew Sentance said on Monday....
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