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| November 08, 2008 | Saturday | Ziqa'ad 9, 1429 |
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Lawai consortium acquires Mybank
KARACHI, Nov 7: The management of Mybank has signed an agreement to sell its entire shares to the Hussain Lawai Consortium and a memorandum of understanding (MoU) has been signed to get a formal approval from the regulator.... 
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Export of alcohol fetches $220m
KARACHI, Nov 7: The country earned around $220 million on export of little over 0.3 million tons of alcohol up to Oct 31 while another 50,000 tons of alcohol is expected to be exported during the November-December period....
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AMC dispels investors’ fears on Mutual Funds
KARACHI, Nov 7: While conceding that the Securities and Exchange Commission of Pakistan (SECP’s) Nov 5 directive on revaluation of debt securities of income funds was ‘unilateral’, a major Asset Management...
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Oil prices rally in volatile trade
LONDON, Nov 7: Oil prices rose on Friday after slumping to 21-month low points below $60 on prospects for sliding energy demand because of a global economic slowdown, traders said....
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Pakistan losing jobs in ship scrapping: UN review
RAWALPINDI, Nov 7: While the boom in shipping is creating new jobs in shipbuilding countries of Asia, employment is lost in countries of the sub-continent, including Pakistan with high ship scrapping activity....
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Economic steps need time to show impact
WASHINGTON, Nov 7: US President George W. Bush on Friday warned that it would take time for federal stimulus measures to have their full economic effect amid news of steep job losses....
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US jobless rate rises to highest level since 1994
WASHINGTON, Nov 7: The US unemployment rate rose to its highest level since 1994 in October, official data showed on Friday, with analysts forecasting it to increase further in Barack Obama’s first year as president....
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G20 faces tough road to economic unity
SAO PAULO, Nov 7: Finance chiefs from the leading developed and emerging economies will face a difficult challenge in trying to reshape global economic rules and tackle the current crisis, analysts say....
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Bank lending
FRANKFURT, Nov 7: Bank lending tightened up as financial markets erupted this year and is set to tighten further in the near future, a ECB survey showed on Friday, despite massive efforts by authorities to unfreeze credit markets....
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Volume falls to record low at 78,500
KARACHI, Nov 7: The trading volume on the Karachi Stock Exchange fell to record single-session low at 78,500 shares on Friday as investors just marked their time and did not make...
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Euro gains
LONDON, Nov 7: The dollar weakened against the euro on Friday on a grim US employment report that strengthened convictions the United States was already at the start of a painful recession....
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Brisk buying on cotton market
KARACHI, Nov 7: Active trading was witnessed on the cotton market on Friday as spinners and mills were not inclined to take even a technical breather amid fears of an imminent price flare-up....
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Karachi Port operations
KARACHI, Nov 7: A dozen ships carrying containers, soyabean meal and three cement loaders are due to arrive at the outer anchorage on Saturday, according to KPT sources....
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Port Qasim
KARACHI, Nov 7: Three ships carrying containers and palm oil were accommodated berths during the last 24 hours, said a PQA press release on Friday....
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Ford warns of tough times ahead
CHICAGO, Nov 7: Embattled US automaker Ford Motor Co. warned of tough times ahead as it reported heavy financial losses and plans to slash an additional 10 per cent from its salaried North American worker costs....
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Corus to cut steel production by 30pc
LONDON, Nov 7: Indian-owned steel group Corus is to cut its production by 30 per cent over the next six months due to weakening demand in Europe amid the global downturn, the company said on Friday....
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GM suspends merger talks with Chrysler
NEW YORK, Nov 7: General Motors said on Friday it has suspended takeover talks with Chrysler to focus on dealing with its dangerous cash crunch amid an economic downturn and plunging sales in North America and Europe....
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Gold down 1 per cent
SINGAPORE, Nov 7: Gold dropped as much as 1 per cent on Friday, having posted its biggest daily percentage increase in more than a month this week, as equities extended losses on escalating worries about a global recession....
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Asian stocks mixed after heavy losses
HONG KONG, Nov 7: Asian stock markets were mixed on Friday after reversing heavy early losses caused by growing investor fears about a deep worldwide recession....
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Malaysian palm oil up
KUALA LUMPUR, Nov 7: Malaysian crude palm oil futures inched higher on Friday as investors focused on the weaker ringgit against the dollar rather than steep overnight losses in crude oil....
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Karachi market rates
KARACHI, Nov 7: The following were Friday commodity market rates in rupees....
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