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| May 22, 2008 | Thursday | Jamadi-ul-Awwal 16, 1429 |
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Electricity crisis set to worsen next week: Hubco runs short of fuel
KARACHI, May 21: The electricity crisis in the country and, particularly in Karachi, is set to worsen by early next week as Hubco, the biggest independent power producer, faces acute fuel shortage and may be forced to close down its plant.... 
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Retailers facing shortage of atta: 80pc mills closed
KARACHI, May 21: Retail markets have started facing shortage of various flour varieties....
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Current account deficit up by 75pc
KARACHI, May 21: The current account deficit of the country further rose to $11.586 billion in the first 10 months (July-April) of current fiscal year mounting pressure on the country to increase borrowing and pay more towards debt servicing....
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Oil hits record high over $132
LONDON, May 21: The price of oil rocketed to a record high $132.08 a barrel on Wednesday as official data revealed unexpected declines in US energy inventories amid increasing Chinese demand, analysts said....
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Moody’s lowers govt bond ratings
KARACHI, May 21: Moody’s Investors Service on Wednesday lowered the Pakistan Government’s Bond Ratings to B2 from B1 due to growing economic imbalances amidst renewed political difficulties and substantial policy slippage....
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KSE Board to meet govt’s economic team soon
KARACHI, May 21: The Board of Directors of the Karachi Stock Exchange is all set for a meeting with the economic team of the government in the next couple of days,...
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New MD plans savings to better PIA’s finances
LONDON, May 21: A 10 per cent saving in a year’s time would make a lot of difference to the financial health of PIA, according to the airline’s new managing director Capt Ejaz Haroon who is here chasing a couple of millions due to the airline but being withheld ‘under some legal ruse’...
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Steps soon to increase industrial efficiency
ISLAMABAD, May 21: Adviser to the Prime Minister on Industries and Production Mian Manzoor Ahmad Wattoo has said all necessary measures will be taken by the government to make the industrial sector more efficient to increase its production....
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Policy guidelines issued to PTA for m-banking
RAWALPINDI, May 21: The federal government has decided to simplify financial and telecom sector regulations to introduce mobile banking which also include mobile money transfer and remittances, official sources told Dawn....
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Dollar crosses Rs70 barrier
KARACHI, May 21: The US dollar in open market breaks the barrier of Rs70 on Wednesday while the inter-bank market could hardly hold it back to hit the psychological boundary....
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Adamjee launches life insurance next month
KARACHI, May 21: Adamjee Insurance Company Limited is all set to begin the life insurance business next month, sources close to the company said....
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Stocks end with clipped gain of 71.37 points
KARACHI, May 21: The Karachi Stock Exchange (KSE) 100-share index briefly breached through the barrier of 14,000 points on Wednesday, boosted by active short-covering in leading oil shares, followed by reports...
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Palestinians woo investors to revive economy
BETHLEHEM, West Bank, May 21: A conference seeking investment in the Palestinian territories opened on Wednesday in the biblical city of Bethlehem with calls for international business leaders to pump money into the struggling economy....
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Technical college near Port Qasim planned
KARACHI, May 21: The Sindh government has announced to extend all support by way of providing land and other facilities to a Pakistani expatriate based in Saudi Arabia who wants to...
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Khurho for taxing all incomes
KARACHI, May 21: Sindh Assembly Speaker Nisar Ahmed Khuhro has said there is a greater need to broaden tax base by bringing all incomes urban or rural including agriculture under the tax net....
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Unisame seeks rice accord review
KARACHI, May 21 The Union of Small and Medium Enterprises (Unisame) has invited the attention of the commerce secretary towards an agreement signed by the Rice Exporters Association of Pakistan (Reap)...
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USAID marks closing of $11.3m PISDAC
ISLAMABAD, May 21: The United States Agency for International Development (USAID) on Wednesday marked the closing of its four-year $11.3 million Pakistan Initiative for Strategic Development and Competitiveness project (PISDAC) after registering what it called significant achievements....
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PSQSA lab
KARACHI, May 21: The Pakistan Standards and Quality Control Authority has launched country’s first mobile testing laboratory at the PSQSA’s head office. The lab will provide legally defensible closure data for...
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Slow trading on cotton market
KARACHI, May 21: Trading was relatively slow on the cotton market on Wednesday owing to higher asking prices by ginners, irrespective of quality of lint, floor brokers said....
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Mobile company to expand network
LAHORE, May 21: Warid’s total investment in Pakistan would reach $1.5 billion by the end of the year, and it would further increase by $1 billion by the end of 2009....
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Asian stocks close mostly lower
HONG KONG, May 21: Asian stocks closed mostly down on Wednesday with the Japanese market falling 1.65 percent after Wall Street took a beating in the wake of surging crude oil prices....
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Palm oil prices mixed
JAKARTA, May 21: Indonesian palm oil prices were mixed on Wednesday, grappling for direction amid marginal gains by Malaysia crude palm oil futures, a softer rupiah currency and slowing local demand....
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Gold rallies
LONDON, May 21: Gold rallied to its highest level in a month on Wednesday after oil struck another record over $130 a barrel, while platinum jumped more than 2 per cent as strong fundamentals and a weaker dollar spurred buying....
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Karachi market rates
KARACHI, May 21: The following were Wednesday commodity market rates in rupees....
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