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| May 10, 2008 | Saturday | Jamadi-ul-Awwal 4, 1429 |
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Flour prices raised by Rs4/kg
KARACHI, May 9: Retailers increased flour prices on Friday by Rs3 to 4 per kg. Accordingly, chakki atta is being sold at Rs26-28 per kg, fine atta at Rs27-28 and atta No.2.5... 
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Excise seeks legal authority to collect tax
KARACHI, May 9: Professionals in Sindh were burdened with new taxes in the budget 2007-08 but the same were not collected by the excise and taxation department in the absence of any legal authority....
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Frayed nerves!
KARACHI, May 9: As the bears prowl all over the stock exchange, having clawed 10 per cent off the value of shares in fewer than fifteen trading sessions, investors are at the edge of their nerves....
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Indian inflation hits 4-year peak
NEW DELHI, May 9: India’s annual inflation rate rose marginally to a near four-year high at 7.61 per cent on the back of rising food prices, official data released on Friday showed....
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33pc of exports are fake, minister told
KARACHI, May 9: The federal commerce minister was briefed about the issue of fraudulent exports in a meeting of the Export Advisory Committee held in Islamabad recently to discuss the new trade policy....
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State Bank warns of direct intervention: Forex market
KARACHI, May 9: The State Bank of Pakistan has warned that it may impose severe administrative control over foreign exchange market ‘if the market fails to discipline itself’....
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Citigroup to slash $400bn in assets
NEW YORK, May 9: Citigroup, the US bank hardest hit by the subprime mortgage crisis, said on Friday it plans to slash its assets by some $400 billion over the next two to three years....
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Weakening rupee overshadows stock market
KARACHI, May 9: The downward drift on the stock market continued on Friday as investors again liquidated their long positions on the overvalued counters owing to the prevailing turmoil on the currency markets and the weakness of the rupee....
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Textile exports increase 25.6pc: Aptma challenges SBP
KARACHI, May 9: All-Pakistan Textile Mills Association Chairman Iqbal Ibrahim has responded to a State Bank of Pakistan’s accusation that the textile sector has failed to perform satisfactorily in exports despite...
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LPG prices raised again
KARACHI, May 9: Marketing companies on Friday again raised the prices of liquefied petroleum gas by Rs2 to Rs50 per kg....
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Shipping lines raise freight rates for Europe
KARACHI, May 9: The shipping lines have increased freight rates for all European ports by $200 for a 20 feet container and $400 for 40 feet boxes, from Sunday (May 11)....
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US trade gap shrinks to $58.2bn
WASHINGTON, May 9: The US trade deficit shrank more than expected in March to $58.2 billion, as the weak dollar boosted exports and as imports fell sharply, a government survey showed on Friday....
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Investment opportunity seen in volatile times
SHANGHAI, May 9: The chief of China’s 200-billion-dollar sovereign wealth fund Lou Jiwei said on Friday volatility in global financial markets had created greater opportunities for investment, although the risks were higher....
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Activity fails to pick up on cotton market
KARACHI, May 9: Physical activity on the cotton market on Friday failed to pick up as most of the ginners in the Punjab cotton belt observed Friday as a weekly holiday....
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European stocks tumble
LONDON, May 9: European stocks closed sharply lower on Friday, hit by another record spike in oil prices and heavy losses on Wall Street following news of large write-downs at giant US insurer AIG....
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Karachi Port operations
KARACHI, May 9: Four ships carrying containers and to load cement are expected to arrive at the outer anchorage on Saturday, according to KPT sources....
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Port Qasim
KARACHI, May 9: Three ships scheduled to load/offload containers, cement and palm oil were berthed during the last 24 hours, said a PQA press release on Friday....
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Australia lifts inflation forecast
SYDNEY, May 9: Australia’s central bank on Friday lifted its inflation prediction for 2008 but slashed estimated economic growth, a move economists said would likely see interest rates on hold until year’s end....
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MAP chief
KARACHI, May 9: Mr Asif Qadir has been re-elected unopposed as president of Management Association of Pakistan (MAP) for the year 2008-09 at an annual general meeting held on April 25, a press release of MAP announced on Friday....
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Asian stocks close mostly down
HONG KONG, May 9: Asian stocks closed mostly down on Friday as the surging oil price raised fears of higher inflation and slower consumer spending, with the Japanese stock market tumbling more than two per cent....
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Palm oil prices up
KUALA LUMPUR, May 9: Malaysian crude palm oil futures rose 1.1 per cent on Friday on record crude oil prices and renewed fears of a tightness in vegetable oil stocks, but gains were capped by concerns palm oil demand may weaken....
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Karachi market rates
KARACHI, May 9: The following were Friday commodity market rates in rupees....
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