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| August 14, 2008 | Thursday | Sha'aban 11, 1429 |
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Govt tightens fiscal control over public spending
ISLAMABAD, Aug 13: The government has decided to tighten fiscal control over public spending – both development programme and current expenditure -- through sweeping powers to the ministry of finance to overcome critical financial crunch faced by the economy.... 
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Sugar mills can produce 2000MW
ISLAMABAD, Aug 13: Federal Minister for Water and Power Raja Pervez Ashraf has said that the sugar industry will be provided every facility to generate electricity from the indigenous resources to meet the power requirements in the country....
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Looking at brighter side of economy
KARACHI, Aug 13: Foreign remittances in the sum of $627 million poured into the country during July. That was the highest single month inflow in the history of the country....
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Rupee suffers largest single-day fall
KARACHI, Aug 13: The exchange market on Wednesday witnessed a free fall of rupee against the dollar. It slashed the value of local currency by Rs1.70,...
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FBR chief calls for clearance of refund claims
ISLAMABAD, Aug 13: Federal Board of Revenue Chairman Ahmad Waqar has directed the senior tax managers to clear all the pending refund claims on priority basis...
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PQA to pay huge penalty for delaying dredging
KARACHI, Aug 13: The Port Qasim Authority (PQA) will be called upon to pay $15-16 million penalty in case it fails to meet the deadline for increasing draft from 11 meters to 14 meters by 2010, ports and shipping sources said....
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Oil prices rally
LONDON, Aug 13: Oil prices rallied on Wednesday after official data showed a surprisingly sharp drop in US stockpiles of motor fuel amid the peak demand season for gasoline in the United States....
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EMC for passing on benefit to consumers: Ghee, oil, petroleum prices
ISLAMABAD, Aug 13: The Economy Monitoring Committee on Wednesday directed the ministry of industries and production to pass on the benefit of decreasing international ghee/edible oil prices to consumers after necessary homework....
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Guidelines for banks to improve risk profile
KARACHI, Aug13: The State Bank of Pakistan on Wednesday issued “Guidelines on internal capital adequacy assessment process” to improve the risk profile of banks and development finance institutions (DFIs)....
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Move to squeeze insider trading
WASHINGTON, Aug 13: US regulators and ten stock exchanges, including the New York Stock Exchange (NYSE), have forged a new alliance to clamp down on illegal insider trading, the Securities and Exchange Commission announced on Wednesday....
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Stocks extend losses amid political uncertainty
KARACHI, Aug 13: Stocks finished with extended losses on Wednesday as investors played on both sides of the fence. They were cautious to interpret the press reports about the possibility of...
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Karachi Port operations
KARACHI, Aug 13: Seven ships carrying containers and to load ethanol are expected to arrive at the outer anchorage on Thursday, according to KPT sources....
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Port Qasim
KARACHI, Aug 13: Two ships carrying containers and iron ore were accommodated berths during the last 24 hours, said a PQA press release on Wednesday....
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Cotton prices stay firm
KARACHI, Aug 13: Cotton market maintained a firm trend on Wednesday as prices were quoted further higher amid active trading as spinners again lifted all the lots offered by ginners for sale....
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Interest in longer term TBs falling
KARACHI, Aug 13: Banks on Wednesday avoided blocking their liquidity for longer period by investing in Treasury bills of 6-month and 12-month tenure....
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Sri Lanka plans expo
KARACHI, Aug 13: Sri Lanka is holding early next year a single-country exhibition in Pakistan that will have added attraction of cultural programmes and food festival....
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Asian stocks close mostly down
HONG KONG, Aug 13: Asian shares closed mostly down on Wednesday as fears about the global credit squeeze flared anew, with Japan tumbling more than two percent after saying its economy had shrunk....
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Palm oil ends lower
KUALA LUMPUR, Aug 13: Malaysian crude palm oil futures edged lower on Wednesday after rising as much as 3.3 percent as a looming stock build-up offset the influence of technical rebounds in crude oil markets on vegetable oils....
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Gold up in Europe
LONDON, Aug 13: Gold recovered in Europe on Wednesday as the dollar’s retreat from six-month highs boosted the precious metal’s appeal as an alternative investment and as oil ticked up....
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Karachi market rates
KARACHI, Aug 13: The following were Wednesday commodity market rates in rupees....
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