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| June 22, 2008 | Sunday | Jamadi-us-Sani 17, 1429 |
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LC margin on essential imports waived
KARACHI, June 21: The State Bank of Pakistan has waived requirement of 35 per cent cash margin on a number of essential import items with immediate effect.... 
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Aptma seeks resolution to issues
LAHORE, June 21: The All-Pakistan Textile Mills Association, Punjab, Chairman Akbar Sheikh, has called upon the State Bank of Pakistan governor and the Federal Board of Revenue chairman to attend to...
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Rs15.7bn for Balochistan development next year
QUETTA, June 21: The Balochistan government presented on Saturday a Public Sector Development Programme of Rs15.74 billion for the next fiscal year, which is substantially higher than the revised Annual Development Plan (ADP) of Rs12.58...
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Duty-free dredgers create confusion
KARACHI, June 21: The budget proposal for 2008-09 to allow duty-free import of dredgers has created a lot of confusion among maritime circles....
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Development funds for Q4 stopped
ISLAMABAD, June 21: The ministry of finance stopped releasing development funds to the ministries and divisions in the last quarter of the current financial year ending on June 30 due to the weak kitty position....
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SBP extends list of exempted goods
KARACHI, June 21: The State Bank of Pakistan has decided to extend the list of exempted goods requiring no cash margin on import letters of credit....
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Oil bill likely to touch $13bn
ISLAMABAD, June 21: The country’s oil import bill is likely to touch $13 billion during the current financial year as it has already ballooned to highest ever level during the July-May period....
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CFS rates higher
KARACHI, June 21: The CFS (continuous funding system) rates on the Karachi Stock Exchange last week were quoted higher by 181 basis points at 16.74 per cent in sympathy with the increase in Treasury bills during the recent auction....
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CVT on property cuts Sindh revenue
KARACHI, June 21: Revenue from registration of property sale deeds fell short by Rs305.5 million during the first 11 months of the current fiscal year which the local revenue officials said was due to a federal levy....
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Plea to restore PSF import tariff
KARACHI, June 21: The Polyester Staple Fibre Manufacturers Group has urged the government to restore 6.5 per cent import tariff on PSF, otherwise the industry will shut down.In...
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Stock market too dangerous for small investors
KARACHI, June 21: As the stock market crashed by 10 per cent in the week ended on Friday with the KSE-100 index at 63 weeks (440 days) low of 11,655 points,...
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FPCCI hails LC margin withdrawal
KARACHI, June 21: Federation of Pakistan Chambers of Commerce and Industry President Tanvir A. Sheikh has appreciated State Bank of Pakistan’s decision to withdraw LC margin requirement on import of raw material....
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US welcomes China
JEDDAH, June 21: US Energy Secretary Samuel Bodman on Saturday welcomed Beijing’s decision to cut subsidies on petrol and diesel prices....
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Jeddah summit unlikely to ease oil pressure
JEDDAH, June 21: At least 35 countries, 25 oil company CEOs’ and seven global energy organisations have come together in this Red Sea city, exploring ways to cool the overheated energy...
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Phutti hits all-time high of Rs2,100
KARACHI, June 21: The new crop seed cotton (phutti) prices on Monday rose to an all-time peak level of Rs2,100 per 40kg and spinners appear to be in an obliging mood amid fears of another short crop....
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Oil rockets to record near $140
LONDON, June 21: Oil prices raced to all-time highs of almost $140 a barrel this week despite Saudi plans to increase output....
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New York cotton settles firmer
NEW YORK, June 21: Cotton futures finished firmer Friday on modest investor buying and spread trade, with analysts saying weather woes in the key growing state of Texas should keep fiber contracts well-supported in the days ahead....
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Chidambaram warns against panic prices
NEW DELHI, June 21: India’s finance minister warned on Saturday against “panic” and promised more measures to tame prices, a day after the country’s inflation rate shot to a 13-year high....
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IMF says US economy on the mend, slowly
WASHINGTON, June 21: The slowdown in the US economy is not as bad as previously estimated, the International Monetary Fund said on Friday, lifting its growth estimates slightly for 2008 and 2009....
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ECB advised to look seriously at rate level
BERLIN, June 21: The European Central Bank needs to look seriously at current interest rate levels to safeguard its credibility and given high inflation expectations, Executive Board member Juergen Stark told German magazine Der Spiegel....
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Dollar weakens against euro
NEW YORK, June 21: The dollar weakened against the euro Friday on expectations of higher interest rates in the eurozone and a growing conviction that the US Federal Reserve will keep its rates on hold....
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US stocks lower
NEW YORK, June 21: US stocks took a beating on Friday as renewed worries about the auto sector accelerated a decline in a market already fretting over the troubled financial sector and rising oil prices....
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Karachi market rates
KARACHI, June 21: The following were Saturday commodity market rates in rupees....
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