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June 15, 2008 Sunday Jamadi-us-Sani 10, 1429 Sindh budget size tipped at Rs280 billion KARACHI, June 14: The size of Sindh budget for 2008-09, being presented in the Sindh Assembly on Monday, is being tipped at Rs270 to Rs280 billion.... Five banks face near-collapse: Govt plans deposit withdrawals KARACHI, June 14: At least five banks will collapse if the government implements its plan to withdraw deposits and put them in the State Bank of Pakistan in a move to... Govt to pass on oil price rise automatically ISLAMABAD, June 14: The government will automatically pass on any increase in world oil prices to domestic consumers from next month, and phase out subsidies entirely by the end of 2008, a senior official told Reuters on Saturday.... Jeddah summit may help tame oil price spike RIYADH, June 14: Oil markets are in the midst of a severe storm. With Morgan Stanley and Goldman Sachs projecting the next oil price spike just round the corner and all... Withdrawal of duty on LC margin sought LAHORE, June 14: The Federation of Pakistan Chambers of Commerce and Industry on Saturday demanded withdrawal of 35 per cent duty on LC cash margin, two per cent withholding tax on... S. Arabia to grow grains abroad RIYADH, June 14: Saudi Arabia plans to grow strategic grains abroad to protect the country from crises in world food supply, a government official said on Saturday.... PC to discuss tinned food ban issue on 16th KARACHI, June 14: The Planning Commission has convened a meeting on Monday, June 16, to discuss the issue of ban on Pakistani packed food items by the EU and some other... CFS rates show modest fall KARACHI, June 14: The CFS rates on the Karachi Stock Exchange last week showed a modest fall of 82 basis points at 14.94 per cent as compared to 15.76... Oil import bill may reach $22bn in 2008-09 KARACHI, June 14: Country representative Hatton National Bank A B Shahid has cautioned that Pakistan’s oil import bill may reach $22 billion mark in 2008-09 if international crude price touches $150 a barrel.... S. Koreans mourn beef import ‘martyr’ SEOUL, June 14: Hundreds of South Koreans turned out on Saturday for the funeral of a 40-year-old activist who set himself alight to protest a US beef import deal that has sparked massive demonstrations here.... Trading remains slow on cotton market KARACHI, June 14: Physical activity on the cotton market on Saturday remained slow as ginners were not inclined to lower their asking prices, although some of the leading mills and spinners... Aptma wants tax relief on power bills KARACHI, June 14: The All-Pakistan Textile Mills Association (Aptma) has urged the government to exempt the textile industry from the levy of 10 per cent withholding tax (WHT) on electricity bills... Mills import cotton worth Rs75bn KARACHI, June 14: Textile mills imported a record 4.216 million bales of cotton worth about Rs75 billion during 10 months ending May 2008 from worldwide sources, cotton sources said here on Saturday.... BD oil losses seen at $2.5bn DHAKA, June 14: Bangladesh, which depends fully on imports to meet its oil needs, faces up to $2.5 billion in losses in the year to June 2009 unless it raises prices... Iran finds new oilfield TEHRAN, June 14: Iran has discovered an oilfield with estimated reserves of 750m barrels within its southwestern Jofeir oilfield, Oil Minister Gholamhossein Nozari said on Saturday.... Oil slides as investors bank profits LONDON, June 14:World oil prices fell sharply this week in turbulent trade as commodity investors tracked the strengthening dollar and took profits after crude’s recent record-breaking run.... New York cotton closes up NEW YORK, June 14:Cotton futures settled higher Friday on all-around buying as strength from other commodity markets and dry weather in parts of the US cotton belt boosted fiber contracts, brokers said.... Wall Street cautious as focus shifts to inflation NEW YORK, June 14: The stock market is coming to grips with new worries about inflation that threatens to keep the mood cautious in the coming weeks, analysts say.... Dollar gains against euro NEW YORK, June 14: The dollar gained against the euro and other currencies on Friday as a government report showed a surge in US inflation and as the euro was dented by Ireland’s rejection of the Lisbon Treaty.... NY gold higher NEW YORK, June 14: Gold edged higher by the end of trade on Friday, as buyers covered short positions before the weekend and pulled prices up from lower levels that dominated much of the session, traders said.... Bond auction ISLAMABAD, June 14: The State Bank of Pakistan said on Saturday it planned to raise Rs20 billion through an auction of long-term government bonds this month.... Conversion rates KARACHI: The following are June 16 State Bank conversion rates for foreign currency deposits, dollar bearer certificates, foreign currency bearer certificates, and special US dollar bonds....

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