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| June 16, 2007 | Saturday | Jamadi-ul-Awwal 30, 1428 |
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Sindh govt earmarks Rs71bn for development
KARACHI, June 15: The Sindh government has unveiled record Rs71bn Annual Development Programme (ADP) for next fiscal 2007-08. Around Rs50 billion would come from the provincial resources and remaining in the form of federal grants and foreign project assistance.... 
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$1bn ADB loan sought to develop major cities
KARACHI, June 15: Sindh Senior Minister of Health and Coordination Syed Sardar Ahmad announced in his budget speech on Friday that the government was negotiating $1 billion fresh loan from the...
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Sindh’s GDP estimated at Rs240 billion
KARACHI, June 15: The Sindh’s GDP has been estimated at $40 billion by the Sindh Senior Minister, Syed Sardar Ahmad, in his budget speech who called it the second largest economy of Pakistan....
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Rs4,000 cut in Japanese bike price
KARACHI, June 15: Two out of three Japanese bike makers have slashed prices of various models aimed at improving their sales volume, which have been on the decline for the last one year owing to rising competition with their Chinese counterparts....
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Banks allowed to borrow FCY from abroad
KARACHI, June 15: For the first time the State Bank has allowed banks to raise foreign currency borrowing from international financial institutions, which will mainly benefit the foreign banks that have been facing problem to raise liquidity in the local currency....
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Rules to tax banks’ income deferred till 2009
ISLAMABAD, June 15: Chairman Central Board of Revenue (CBR) Abdullah Yousuf on Friday announced to defer applicability of special schedule of income tax assessment for banks till the tax year 2009....
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Remittances touch $5bn mark in 11 months
KARACHI, June 15: Pakistan received a record amount of $4,988.10 million as workers’ remittances during the first eleven months (July–May 2006- 07) of the current fiscal year as against $4,136.25...
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Stocks stay easy on mixed trading
KARACHI, June 15: The stock market on Friday passed through another lean session as investors played on both sides of the fence and did not take long positions on any of...
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NWFP unveils Rs100bn budget today
PESHAWAR, June 15: NWFP Finance Minister Shah Raz Khan will present on Saturday about Rs100bn provincial budget for 2007-08 which envisages current revenue receipts at Rs84bn....
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Clarification
KARACHI, June 15: In a newsitem captioned “Dawood group signs pact for Islamic financing,” appearing on the Business page on Wednesday (June 13, 2007), it was erroneously reported that ‘The group...
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Major crops
KARACHI, June 15: Production of major crops of rice, wheat and sugarcane increased in 2006-2007 by 2.4 per cent, 15.6 per cent and 11.4 per cent, respectively, as compared to the...
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Concessions granted on machinery import
ISLAMABAD, June 15: The government has amended two customs notifications to extend concession to businessmen on import of plant and machinery with retrospective effect....
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Slow trading on cotton market
KARACHI, June 15: Trading on the cotton market was relatively slow in the absence of fresh selling offers by the Punjab ginners who observe Friday as weekly holiday....
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Karachi Port operations
KARACHI, June 15: Five vessels carrying containers and DAP fertiliser are due to arrive at the outer anchorage on Saturday, according to KPT sources....
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Port Qasim
KARACHI, June 15: Berthing was active as two vessels carrying containers and general cargo were accommodated at QICT and MPT during the last 24 hours, said a PQA press release on Friday....
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New act to regulate payment systems
ISLAMABAD, June 15: The government has proposed a new draft act to regulate the operations of Payment Systems and Electronic Fund Transfers (PSEFT), which is expected to be effective from July 1, 2007....
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Power crisis to get worse in 2008
KARACHI, June 15: The ongoing power crisis will grow worse next year before improving in 2009 and 2010, said the adviser to the prime minister on energy, Engineer Mukhtar Ahmad....
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Asian stock markets higher
HONG KONG, June 15: Asian stocks closed higher on Friday with investors continuing to track Wall Street where fears over potential interest rate hikes are receding....
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Tax treaty with Japan to be revised
TOKYO, June 15: Japan has reached basic agreement with Pakistan to revise a nearly 50-year-old tax treaty to promote investment and build closer economic ties, the ministry of finance said on Friday....
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Palm oil rises
KUALA LUMPUR, June 15: Malaysian crude palm oil futures ended 2.4 per cent higher on Friday on the back of gains in the US soyabean oil market and firm crude oil prices....
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