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Nikkei recoups some of Thursdays 7.3 percent dive bull run seen intact
Reuters © Members of the media crowd around passers-by walking in front of an electronic stock quotation board outside a brokerage in Tokyo May 23, 2013. REUTERS/Toru ...
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Pakistan to repay IMF $541.47m by end-June
KARACHI: Pakistan will repay approximately $541.47 million worth of debt to the International Monetary Fund (IMF) by June 30, say analysts. The payments have to be completed under the international lending agency's standby and extended credit facility arrangements with the government. Three principal loan repayments to the IMF remain at the moment. According to the IMF calendar available on ...
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Power losses likely to reach Rs742bn
ISLAMABAD: The Planning Commission estimates show that the power sector deficit will be ballooned to Rs742 billion ($7.4 billion) in the current financial year, an official said. "The incoming Pakistan Muslim League (PML-N) government has decided to merge the ministry of water and power and petroleum and natural resources and come up with an integrated energy ministry in accordance with its ...
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Food exports up by 12.27pc
ISLAMABAD: Food exports increased by 12.27 percent to $3.953 billion during the first 10 months of the current fiscal year as against the same period last fiscal year, data of the Pakistan Bureau of Statistics (PBS) revealed. In April, food exports increased by 20.33 percent on year-on-year basis and by 0.96 percent on month-on-month basis. The overall food exports during July-April (2012-13) ...
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Sales tax not to affect unpackaged milk prices
KARACHI: A proposed tax on packaged milk has raised fears in the dairy sector that such a move would lead to a price hike, making it unaffordable for the people. However, the Pakistan Dairy Association (PDA) believes that such fears are more hype than reality since packaged milk only accounts for 3 percent of the total milk consumption in the country, while Sikandar Nagori of the Dairy Farmers ...
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FPCCI rejects plan to tax foreign remittances
KARACHI: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has opposed the plan of the revenue authorities to impose tax on inflows of foreign remittances. In a statement issued on Thursday, Zubair Ahmed Malik, president of the FPCCI, opposed the Federal Board of Revenue (FBR) plan to bring foreign remittances in the tax net. The remittances sent home by the overseas ...
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FPCCI slams CNG ban for over 1000cc vehicles
KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has opposed the ban on CNG for over 1,000cc vehicles, a statement released on Thursday said. The statement added that the FPCCI Standing Committee on CNG has evaluated the reported prime minister's directive to suspend filling of CNG in vehicles over 1,000cc. Suleman H Sulemanjee, chairman of FPCCI Standing Committee ...
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PM signs Rs11bn bailout package for Pakistan Steel
KARACHI: Pakistan Steel Mills (PSM) reported on Thursday that the caretaker prime minister has signed the Rs11 billion bailout package's summary and sent it to the finance ministry, a statement said. "Caretaker Prime Minister Mir Hazar Khan Khoso has signed the summary to provide a bailout package worth Rs11 billion to the PSM," a PSM spokesperson said. "The summary is now ...
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Accelerated growth to generate few jobs
LAHORE: Entrepreneurs have warned that accelerated growth would create only a few jobs as most of the industries, operating at low capacities, would require small number of workers to reach capacity production. The entrepreneurs urged the new economic planners to facilitate labour intensive sectors of the economy, as almost all the sectors of manufacturing are operating at much below their ...
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Business community opposes mini-budget
KARACHI: The business community of the country has appealed to the President Asif Ali Zardari not to sign the presidential ordinance, which will allow caretaker government to raise Rs152 billion through introduction of a mini-budget. The SITE Association of Industry in an emergent meeting held on Thursday has resented strongly any mini-budget before the newly elected government to take oath ...
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Businessmen hope to be consulted in policy matters
KARACHI: The business community of Pakistan has urged the incoming government to consult major chambers of commerce on major policy matters to ensure economic growth. Business Panel Group Chairman Tariq Saeed, who is also a former FPCCI president, said that the business community should be consulted in the upcoming budget process. SAARC CCI Vice President Iftikhar Ali Malik stressed the need to ...
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Africa to display in Lahore again
LAHORE: 'The Africa Show' will be held on May 25 by the Lahore Chamber of Commerce and Industry (LCCI). Ambassadors and high commissioners of African countries are due to participate in the mega event which will include a conference and an exhibition. The conference will be divided up into two sessions, with Senator Ishaq Dar and caretaker Chief Minister Najam Sethi likely to address ...
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Pakistan shines at Buffalo Congress
ISLAMABAD: Pakistani buffalo scientists topped among all countries in terms of numbers in making scientific contributions in their presentations in symposia on reproduction, breeding and genetics, nutrition, dairy, meat and socio economic aspects in the three days World Buffalo Congress. As many as 18 participants led by Prof. Talat Pasha Vice Chancellor, University of Veterinary and Animal ...
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Siddiqui assumes charge of OGDCL
ISLAMABAD: Masood Siddiqui on Thursday assumed the charge of the managing director and chief executive officer of the Oil and Gas Development Company Limited (OGDCL), a statement said. The decision of his removal has been reversed in the light of the Supreme Court orders to suspend all orders of appointment and transfers by the caretaker setup, it said. OGDCL's performance remained ...
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US labour market improves
WASHINGTON: The number of Americans filing new claims for unemployment benefits fell more than expected last week, pointing to resilience in the labor market despite belt-tightening by Washington. The improving job market tone is helping to prop up housing, with rising home prices keeping domestic consumption supported. But tighter fiscal policy as the government tries to slash its bloated ...
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Share fall after import alert
MUMBAI: Shares of Indian drugmaker Wockhardt Ltd fell 20 percent on Thursday to their lowest level in more than seven months, after the US drug regulator published an "import alert" on one of its manufacturing facilities. The US Food and Drug Administration published the alert dated May 22 on Wockhardt's Aurangabad facility in the western Indian state of Maharashtra, according to ...
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PCGA to take PMEX to court
LAHORE: Pakistan Cotton Ginners Association (PCGA) has decided to file a lawsuit in the Federal Shariat Court against the Pakistan Mercantile Exchange Limited (PMEX) for allowing the introduction of futures trade in cotton. "The purpose of the legal appeal is to block the anti-shariah practice of futures trade and saving cotton growers, ginners and the textile sector from an economic ...
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Capable head of FTO demanded
LAHORE: Pakistan Tax Bar Association and Lahore Tax Bar Association have demanded the appointment of a capable person as Federal Tax Ombudsman. Otherwise, it would be impossible to yield desired results, said President Pakistan Tax Bar Zulfiqar Khan, President Lahore Tax Bar Habib Rehman Zuberi, Aamir Younis, Ali Ahsan Rana, Shahbaz Siddiq and Abdul Waheed, while addressing an important meeting. ...
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PSMA concerned over 17pc GST
LAHORE: Chairman Pakistan Sugar Mills Association (PSMA) Punjab Riaz Qadeer Butt expressed concern over the imposition of 17 percent general sales tax (GST) on sugar and warned that it would have serious repercussions on consumers. In a statement on Thursday, he stated sugar industry of Pakistan was confronting glut-like situation as a result of which mills are suffering heavy losses. He said at ...
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PTCL launches reconnect campaign
ISLAMABAD: Pakistan Telecommunication Company Ltd (PTCL) has launched reconnect campaign to invite customers who had discontinued their usage of PTCL landline. Under the new package, customers can enjoy free installation, restoration, unlimited On-net calls for Rs250 per month till December 2013, zero line rent and a 50 percent discount on outstanding PTCL dues. "Our campaign will have the ...
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SBI Q4 debt restructuring at $1.46 bn
MUMBAI: State Bank Of India, the country's largest lender, restructured 80.9 billion rupees ($1.46 billion) in loans in the January-March quarter, far higher than its earlier guidance of 37 billion rupees, a senior executive told Reuters on Thursday. The bank's total restructured book now stands at 431billion rupees, Soundara Kumar, deputy managing director, told Reuters by telephone ...
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KSE-100 index down by 116 points on profit-taking
The Karachi Stock Exchange benchmark 100 index declined by 116.25 points on Thursday to 21,342.65 points on profit-taking, dealers said. The decline came after several positive sessions. Zafar Moti, an analyst and senior member of the KSE, said the market remained volatile throughout the day and traders remained puzzled by its movement. "Finally it ended with some profit-taking by foreign ...
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Karachi ports handle 158954 tons of cargo
The Karachi Port and Port Qasim handled a cargo volume of 158,954 tons during the last 24 hours that included 107,031 tons of imports and 51,923 tons of exports, the two ports reported on Thursday. Accordingly, the Karachi Port handled imports, including containerised cargo (20,636 tons), bulk cargo (591 tons), and oil / liquid cargo (11,000 tons). It handled exports, including containerised ...
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Rupee up against dollar
Karachi The rupee posted gains against the dollar in the foreign exchange market on Thursday despite foreign exchange outflows, dealers said. In the interbank market, the rupee closed at 98.47 against the dollar, increased by five paisas as compared to Wednesday's closing of 98.52. Dealers said that the forex market has been witnessing a fluctuating trend for the last few weeks with the ...
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Gold rebounds from losses
Gold climbed off session lows on Thursday after weak Chinese factory activity jolted stock markets in Asia, sending investors back to the precious metal despite expectations the US Federal Reserve will scale back its monetary stimulus. The Nikkei dropped 7.3 percent, its biggest one-day percentage fall in two years, after a preliminary survey showed China's factory activity contracting, ...
Hong Kong Feature
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Electoral reform hot topic for Hong Kong
Hong Kong is going through more growing pains, perhaps even the most uncomfortable since the city was handed back to Beijing by Britain. Pro-democracy advocates want to be able to vote for the entire legislative council, a direct challenge to Beijing.
Hong Kong was handed back to China in 1997. At that time, Beijing made an agreement with Britain that under a law called the Basic Law, all the civil liberties which were existent in Hong Kong at the time of the hand over would remain in place for at least 50 years, by which time it is envisioned, by the pro-democracy camp at any rate, that the Special Administrative Region will be fully democratic at any rate. Read more
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