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Last updated: September 02, 2010, 19:58 PST 15:09 GMT
LONDON: Pakistan's High Commissioner to Britain, Wajid Shamsul Hasan, speaks to the media outside the Pakistan high commission here on Thursday. -Reuters
IMF extends $450mn in urgent aid for Pakistan
WASHINGTON : The International Monetary Fund will give Pakistan $450 million in emergency flood aid and disburse funds in ‘coming weeks,’ IMF Managing Director Dominique Strauss-Kahn said on Thursday. Strauss-Kahn said discussion with a delegation led b ....
Cricketers in bet scandal innocent: envoy
Trio in betting probe dropped: manager
Slow funding hits 'unprecedented' relief effort: UN


Budget 2010 - 11
 | At a Glance Download PDF of Speech  | Speech Download PDF of Speech
Finance Bill  Download PDF of Finance Bill  | Economic Survey Download PDF of Economic Survey

Budget 2009 - 10
At a Glance Download PDF of Speech  | Speech Download PDF of SpeechFinance Bill  Download PDF of Finance Bill
 | Economic Survey Download PDF of Economic Survey

 Top Stories[1-10 of 36 stories]
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Growth to decline to 2.5 percent
ISLAMABAD (September 02, 2010): The Cabinet has been informed that GDP will decline to 2.5 percent, from projected 4.5 percent, for the current fiscal year (2010-11) as a result of damage to various sectors of the economy by floods. The Minister for Information, Qamar Zaman Kaira, told media here on Wednesday at a news conference after the Cabinet meeting that budget deficit might touch 6 to 7 percent of GDP for the ongoing fiscal year and inflation 15 to 20 percent.




Infrastructure, livestock and crops: Pakistan suffered colossal damages, says Kaira
ISLAMABAD (September 02, 2010): Pakistan has suffered damages worth Rs 350 to Rs 500 billion to infrastructure, livestock and standing crops by the devastating floods. Addressing a press conference, Federal Minister for Information and Broadcasting, Qamar Zaman Kaira on Wednesday said about 20 percent of Pakistan's irrigation infrastructure, livestock and crops have been destroyed and perished by the recent floods.




World Bank boosts relief support to $1 billion
WASHINGTON (September 02, 2010): The World Bank has increased funding to help Pakistan cope with catastrophic flooding by $100 million, to a total of $1 billion, the bank said in a statement on Wednesday. "The WB is committed to helping the people of Pakistan during this time of need and has made US $1 billion available to finance immediate recovery needs and longer-term reconstruction," the statement quoted WB President Robert Zoellick as telling Pakistan Finance Minister Hafeez Shaikh in Washington.




Some sugar mills of Punjab: audit detects cases of ST short, non-payment
ISLAMABAD (September 02, 2010): The Large Taxpayer Unit (LTU) at Lahore has detected short/non-payment of sales tax by several sugar mills of Punjab, causing huge loss to the national kitty. Sources told Business Recorder here on Tuesday that the audit teams of the tax department have framed Audit Observations against certain sugar mills falling in the jurisdiction of Lahore LTU.



Sugar price skyrocketing: FBR gets nothing in form of sales tax
ISLAMABAD (September 02, 2010): The Federal Board of Revenue (FBR) will get nothing in the form of sales tax despite sizeable escalation in the price of sugar in the open market as the prevailing method of sales tax calculation is based on assessable value of the commodity. Sources told Business Recorder here on Tuesday that the method of sales tax calculation on the basis of fixed assessable value of the commodity allows the manufacturers to pay sales tax at the nominal price.



Turkmenistan offers new gas supply source
ISLAMABAD (September 02, 2010): Turkmenistan, which failed to submit third-party certification of Dauletabad gas field reserves, has now offered a new supply source, Osman/ Yolatan gas field, which has raised serious concerns in Pakistan, sources exclusively told Business Recorder. Turkmenistan gas reserves are estimated to be around 14 trillion cubic metres (TCMs).



Carnage After Sunset: 30 killed, over 200 injured in Lahore
LAHORE (September 02, 2010): Thirty people were killed and over 200 others injured in three explosions at a Yaum-e-Ali procession here on Wednesday. The first blast of low intensity took place outside Karbala Gaamey Shah. Later, two suicide bombers blew themselves up in a crowd of thousands at Bhaati Chowk near Data Darbar. The blasts occurred within a span of thirty minutes after sunset.



'Time to turn the page' as Obama ends Iraq combat
WASHINGTON (September 02, 2010): President Barack Obama has declared an end to US combat in Iraq, calling on its people to chart their own destiny as Americans turn to combating al Qaeda in Afghanistan and rebuilding their own battered nation. In a major address Tuesday, Obama called on his country to steel itself for more bloodshed in Afghanistan, billing the fight there as "essential" to protecting the US homeland from the festering threat from al Qaeda.



Biden launches new US mission in Iraq
CAMP VICTORY (September 02, 2010): Vice President Joe Biden Wednesday launched a new American military mission in Iraq, ushering in a fresh phase in a seven-year-old deployment that has cost the lives of more than 4,400 troops. Addressing soldiers at Camp Victory outside Baghdad a day after the US combat role in Iraq officially ended, Biden expressed confidence that the worst days of the conflict were over.




Reconstruction of infrastructure: President calls DFIs meeting
KARACHI (September 02, 2010): Seeking support from Development Financial Institutions (DFIs) for rehabilitation and reconstruction of the infrastructure in flood affected areas, President Asif Ali Zardari has called an emergency meeting to discus relief and development efforts.


 
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The Rupee
Interbank closing rates for dollar on Wednesday.
BuyingRs 85.62
SellingRs 85.65
Dollar marginally up
7567.16  9.72
Sectoral Indices 
Market at Close
BRIndex-30 7,554.27
KSE-30 Index 9,636.05
KSE-100 Index 9,762.89
LSE-25 Index 3,090.62
ISE-10 Index 2,516.63
Gold Per 10gm 33,942.00
KCA Spot Rate 6,500.00
Libor Rate 0.49669
World Indices
Index Closing Chg%
DJIA 10,269.47 2.54
Nasdaq 2,176.84 2.97
S&P 1,080.29 2.95
FTSE 5,366.41 2.70
DAX 6,083.90 2.68
CAC-40 3,623.84 3.81
Nikkei 9,062.84 1.52
H.Seng 20,868.92 1.19
Sensex 18,238.3 0.18
NY Closing
Euro 1.2807
Sterling 1.5450
Swiss Franc 1.0154
Yen 84.3900
Gold 1246.20
Cotton 87.410
Oil 73.89
Economic Indicators
Annual2009/10
Foreign Debt $53.01bn
Per Cap Income $1046
GDP Growth 4.1%
Average CPI 11.73%
MonthlyJuly
Trade Balance $-1.45 bln
Exports $1.78 bln
Imports $3.24 bln
WeeklyAugust 26, 2010
Reserves $16.1087 bln
 









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