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May 03, 2008 Saturday Rabi-us-Sani 26, 1429 Utility stores raise flour, ghee prices KARACHI, May 2: Consumers are paying Rs10 more for 10 kg bag of wheat flour at the utility stores after increase of Rs13 on one kg pouch of ghee and cooking oil.... Water shortage endangers cotton sowing LAHORE, May 2: Cotton sowing in the country depicts a disastrous situation with water shortage in the crop areas ranging between 26 to 77 per cent, especially in southern Punjab, which produces over 85 per cent of national yield.... Maybank may buy stake in MCB KUALA LUMPUR, May 2: Malaysia’s largest lender, Malayan Banking Bhd (Maybank), plans to announce a major acquisition on Monday amid speculation it wants to buy a strategic stake in Pakistan’s MCB Bank.... Weekly inflation rises by 23.9pc ISLAMABAD, May 2: The weekly inflation increased by 23.93 per cent during the week ended on April 30 on the back of rising food and oil prices over the corresponding period of last year.... EDB working on two auto clusters RAWALPINDI, May 2: The Engineering Development Board was actively working on establishment of two auto clusters at Sheikhupura and Karachi, under Auto Industry Development Plan.... Dismal farm tax collection in Sindh KARACHI, May 2: Since the introduction of the agriculture income tax in the province in 1994-95, its collection has shamefully been dismal in the province.... Reserves fall KARACHI, May 2: The foreign exchange reserves fell by $41 million to $12.611 billion in the week that ended on April 26, the State Bank of Pakistan said on Friday.... KSE index loses 165 points on investors’ worries KARACHI, May 2: The share market on Friday showed a guarded optimism to the reported breakthrough in Dubai talks between the PPP and the PML-N leading to the possible reinstatement of... Rupee at record low vs dollar KARACHI, May 2: The exchange rate mechanism seems to be going out of control of the State Bank of Pakistan as the bullish greenback breaks all barriers to set a new... Thar coal-mining leases may be cancelled KARACHI, May 2: The mines and minerals department has issued notices to many parties, including Fateh Group with a mining lease in Lakhra and Hassan Associates in Thar area for slow... Customs strike hits import, export KARACHI, May 2: Customs officers and staff members went on a strike on Friday against the suspension of seven senior officers and 18 guards for their alleged involvement in clearance of... Oil prices rally LONDON, May 2: The price of oil climbed back towards $114 on Friday on news that Turkish planes had bombed Kurdish rebel hideouts in oil-rich Iraq overnight, analysts said.... Pierlite Pakistan KARACHI, May 2: The largest Australian lighting company, Pierlite, will invest $20 million by launching a joint venture company under the name of Pierlite Pakistan, says a press release issued here on Friday.... Treasury bills KARACHI, May 2: The State Bank of Pakistan sold Rs10 billion of Treasury bills on Friday under six-day repo contracts at 8.80 per cent to mop up funds from the money market.—Reuters... Fed, European banks team up to ease credit squeeze WASHINGTON, May 2: The US Federal Reserve announced on Friday joint action with European banks to step up a battle against a persistent global credit crisis that has shackled lending and slowed the world economy.... US loses 20,000 jobs in April WASHINGTON, May 2: The US labour market held up better than expected in April, with 20,000 jobs cut in the month, according to data on Friday that analysts said signalled a mild downturn and not an economic calamity.... Cotton market lacks normal trading zeal KARACHI, May 2: Cotton market lacked normal trading interest on Friday as spinners and mills remained conspicuous by their absence apparently awaiting some positive developments on the world markets.... Karachi Port operations KARACHI, May 2: Four ships to load cement and clinkers and naphtha are due to arrive at the outer anchorage on Saturday, according to KPT sources.... Port Qasim KARACHI, May 2: Four ships carrying containers, coke and diesel oil arrived at the outer anchorage during the last 24 hours, said a PQA press release on Friday.Berth... ‘Scope exists for boosting IT ties with Canada’ TORONTO, May 2: There is a big scope of cooperation between Ottawa and Islamabad in the field of information technology, said the leader of Pakistan’s IT delegation here on Thursday.... Malaysia to spend $778m on food security KUALA LUMPUR, May 2: Malaysia will spend 2.49 billion ringgit ($778 million) this year to increase food production, a top minister said Friday, amid soaring costs globally for staple items like rice.... European exchanges surge LONDON, May 2: European exchanges ended the week sharply higher on Friday following reports that the United States had lost fewer jobs that had been expected in April and might now avoid recession.... Company news KARACHI, May 2: Descon Engineering Limited (DEL) has signed a contract with TransAsia Refinery Limited (TRL).... Asian stock markets mostly higher HONG KONG, May 2: Asian stocks closed mostly up on Friday with some key markets surging around two per cent amid growing optimism that the global financial crisis was set to ease.... Palm oil prices fall KUALA LUMPUR, May 2: Malaysian crude palm oil futures fell as much as 2.6 per cent on Friday, hitting a three-week low as weak vegetable oil prices and slowing demand weighed on the market.... Gold price goes up LONDON, May 2: Gold edged higher on Friday but was weighed down by the dollar’s recovery against the euro and sharp declines in holdings of bullion exchange traded funds, analysts said....

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