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| December 24, 2008 | Wednesday | Zilhaj 25, 1429 |
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18 stock brokers suspended
KARACHI, Dec 23: In an eventful day on Tuesday, as many as 18 stock brokers were ‘suspended’ for non-payment of mark-to-market losses on their CFS-MK II (badla) positions.... 
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Oil prices drop on demand concerns
LONDON, Dec 23: World oil prices fell on Tuesday below $40 a barrel in thin pre-Christmas trade, as traders eyed weak energy demand arising from a global economic downturn....
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Millions in ST refund, duty drawback held back by FBR
KARACHI, Dec 23: Millions of rupees in duty drawback and sales tax refund are stuck up with customs and sales tax collectorates since last several months, exporters complain....
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US economy shrinks as IMF warns of ‘Great Depression’
WASHINGTON, Dec 23: The US economy shrank in the third quarter, official data confirmed on Tuesday, as the IMF’s top economist warned of a second Great Depression offering no respite from relentless gloom ahead of Christmas....
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Banks raise Rs9bn from TFCs in 2008
KARACHI, Dec 23: Banks found Term Finance Certificates (TFCs) a good option to raise funds despite the debt market remained in bad shape during 2008....
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Euro gains against dollar
LONDON, Dec 23: The euro gained slightly against the dollar on Tuesday in muted trading ahead of the Christmas break, with dealers largely shrugging off US data confirming negative economic growth in the third quarter....
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Saudi Arabia unveils expansionary budget
RIYADH, Dec 23: Despite the weakening oil markets, Saudi Arabia has unveiled its largest ever budget with a total outlay of SR475 billion ($126.7 billion), allocating more money for education and increasing public spending by 15.8pc...
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Customs to remain open on 25th, 28th
ISLAMABAD, Dec 23: Federal Board of Revenue (FBR) has directed all its customs houses and field formations to remain open on Dec 25 and Dec 28 to ensure clearance of imports and exports....
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Stocks slip below 7,000-level on war fears
KARACH, Dec 23: The KSE 100-share index on Tuesday breached through the barrier of 7,000 and was quoted lower by another 293.31 points or 4.06 per cent at 6,924.15...
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Correction
KARACHI: The story captioned “Glaxo acquires Bristol Myers” in the December 23 issue of Dawn erroneously mentions that the GlaxoSmithKline Pakistan (GSKP) has announced that it will acquire Bristol Myers Squibb Pakistan (BMSP)....
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Trading gets slow on TCP buying spree
KARACHI, Dec 23: The cotton market on Tuesday consolidated the overnight gains but physical business shrank to a modest proportion partly as spinners were in no mood to chase prices higher....
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Karachi Port operations
KARACHI, Dec 23: Seven ships carrying containers, crude oil and mogas are due to arrive at the outer anchorage on Wednesday, according to KPT sources....
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US stores to ramp up closings, job cuts
ATLANTA, Dec 23: US retailers can be expected to speed up a wave of store closures, restructurings and job cuts in the coming weeks, hoping to get a fresh start in early 2009 after more than a year of recession....
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PS pricereview
KARACHI, Dec 23: The management of Pakistan Steel has informed all stakeholders that it will not review prices of its products for next two to three months, says a press release....
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Asian stock markets mostly lower
HONG KONG, Dec 23,: Asian markets mostly lower Tuesday as concerns over the world economy continued to weigh on sentiment and investors sought to take profits from recent hikes....
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Gold dips in London
LONDON, Dec 23: Gold dipped on Tuesday on falling oil prices, with trading thin ahead of a slew of economic data from the US and before the Christmas holiday....
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Palm oil prices fall
KUALA LUMPUR, Dec 23 : Malaysian crude palm oil futures fell 3.6 per cent on Tuesday, extending midday losses as the market tracked declines in other vegetable oils and crude prices hovered below $40 a barrel....
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Karachi market rates
KARACHI, Dec 23: The following were Tuesday’s commodity market rates in rupees....
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