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| May 04, 2008 | Sunday | Rabi-us-Sani 27, 1429 |
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MCB Bank inks deal with Maybank
KARACHI, May 3: Malaysia’s Maybank has signed an agreement to acquire 15 per cent shares of the MCB Bank which may yield a sum of about $700 million for the bank, banking sources said.... 
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Govt to raise subsidy on DAP fertiliser
KARACHI, May 3: The federal government has decided to increase subsidy on DAP fertiliser to support farmers in view of abnormal rise in its prices in the world market....
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Income tax collection falls short by Rs22bn
ISLAMABAD, May 3: The Federal Board of Revenue (FBR) faces a shortfall of Rs22 billion in income tax collection during the first nine months of the current fiscal year, an official told Dawn on Saturday....
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Rupee hits new low against dollar
KARACHI, May 3: The rupee fell on Saturday to a new record low and dealers said it might fall further due to high demand for the dollar from importers and on concerns about the economic outlook....
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Budgets being drawn up on old ‘formula’
KARACHI, May 3: The four provincial governments are drawing up their budgets on the basis of President Pervez Musharraf’s national finance distribution formula which stipulates population as the only criterion for distribution of resources....
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MEP fails to ease local rice prices
KARACHI, May 3: The fixation of minimum export (MEP) price has failed to reduce rice prices in the wholesale market....
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S. Arabia cuts reverse repo
RIYADH, May 3: Saudi Arabia, which pegs its currency to the dollar, reduced its reverse repurchase rate by 25 basis points on Saturday after a US interest rate cut this week, but left its benchmark lending rate steady....
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Customs staff end strike
KARACHI, May 3: Customs officials called off their strike on Saturday after lengthy deliberations allowing normal movement and clearance of import and export goods at the Karachi Port and Port Qasim....
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T-bills sold
KARACHI, May 3: The State Bank of Pakistan sold Rs27.05 billion of Treasury bills on Saturday under five-day repo contracts at 8.80 per cent to mop up funds from the money market....
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Merck deprives directors of redundancy benefits
KARACHI, May 3: The senior cadre of the drug multinational firm Merck campaigning to convince their employer to offer third option of severance package to their employees got a rude shock...
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Oil prices may hit $150 by 2010
RIYADH, May 3: Lack of investment in adding new production, weakening dollar and consequent flow of funds into commodities, including crude, are keeping oil markets boiling, with many now projecting markets to scale even newer heights....
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‘10pc PSM shares to be offloaded soon’
KARACHI, May 3: Federal Minister for Industries, Production, Privatisation, Ports and Shipping Syed Naveed Qamar said on Saturday 10 per cent shares of Pakistan Steel Mills (PSM) will soon be offloaded in stock market to finance its modernisation and expansion plan....
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CFS rates post sharp decline
KARACHI, May 3: The CFS rates on the Karachi Stock Exchange last week showed a sharp fall of 146 basis points at 12.05 points as demand for fresh credit lines were on the lower side of the weekly average....
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Trade talks with Yemen tomorrow
ISLAMABAD, May 3: Yemen’s ambassador to Pakistan Abdul Elah Mohammed Hajar called on Commerce Minister Shahid Khaqan Abbasi on Saturday and exchanged views on enhancing bilateral cooperation within trade agreements signed between the two countries....
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Cotton prices ease on sale of balance stocks
KARACHI, May 3: Cotton prices eased on Saturday from the previous levels as some of the ginners lowered their asking prices for inferior type to clear the backlog....
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‘China must let yuan rise’
MADRID, May 3: China must remove capital controls gradually and let its yuan currency rise for the long-term benefit of its domestic industries, officials from the Asian Development Bank and International Monetary Fund said on Saturday....
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Generators, UPS may be exempted from duty
MULTAN, May 3: Federal Board of Revenue (FBR) Chairman Abdullah Yousaf has hinted that the UPS (Uninterruptible Power Supply) devices and generators might be exempted from customs and excise duty to meet the energy crisis in the country....
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Karachi Port operations
KARACHI, May 3: Seven ships carrying containers and coal are expected to arrive at the outer anchorage on Sunday, according to KPT sources....
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Port Qasim
KARACHI, May 3: Five ships carrying containers, edible oil, diesel oil and coke were berthed during the last 24 hours, said a PQA press release on Saturday....
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Silver outshines gold
DUBAI, May 3: Silver is gaining ground in Egypt’s jewellery market amid record gold prices and as surging inflation cuts the purchasing power of Egyptians, once leading world gold buyers....
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Fuel subsidies
MADRID, May 3: Indonesia’s government is set to cut fuel subsidies and could do so as early as in one month, Miranda Goeltom, senior deputy governor of the country’s central bank said on Saturday....
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Commodity prices retreat after oil hits record high
LONDON, May 3: World commodity markets mostly fell this week on easing concerns over tight supplies, a strengthening dollar and hopes that the worst of the global credit crisis was over, analysts said....
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Dollar firms on Fed liquidity boost
NEW YORK, May 3: The dollar broadly strengthened on Friday after the government reported fewer job losses in April than expected and the Federal Reserve boosted liquidity to tackle a credit crisis....
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Wall Street embraces recovery
NEW YORK, May 3: With shaky conviction, Wall Street investors are starting to come out from their shell in anticipation of global credit squeeze easing and a skirting of a major US economic downturn....
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