Pakistan news of July 10, 2008
2008-07-10 14:42:52 (GMT) (Caymanmama.com - Pakistan News News)Pakistan news of July 10, 2008
Pakistan top leaders along with the PM flown to Dubai to meet Zardari
Rising prices of oil increases trade deficit to $20.7 billion
Rupee regains strength by 3.2%
Government plans to give relief to Textile sector - proposed cut in gas rates
Karachi Stock Exchange decline halts
Pakistan top leaders along with the PM flown to Dubai to meet Zardari
Dubai: For reasons not clearly understood my any, Prime Minister and his band of federal ministers were flown to Dubai on instructions of Pakistan Peoples Part co chairman Asif Ali Zardari. Pakistan too, has enough space and environment to conduct such meeting, what we fail to understand is why the ruling party’s co chairman insists on putting extra pressure on the country’s exchequer.
Farhatullah Babar, the PPP spokes man told the newspaper that important decisions have to be made before the co-chairman leaves for London to meet PML-N leader Nawaz Sharif whose party has taken a tough stand to wait till the end of this month for re-instatement of judiciary before parting from the short lived coalition.
Rising prices of oil increases trade deficit to $20.7 billion
Islamabad: The exports of the country could not catch up with rising import bill. The main cause of ballooning trade deficit is the high prices of oil. According to Dawn “ Figures released here on Wednesday by the Federal Bureau of Statistics (FBS) showed that the import bill jumped to an all-time high of $39.968 billion during 2007-08 against $30.539 billion a year earlier — an increase of 30.87 per cent.”
Rupee regains strength by 3.2%
Karachi: After the strict measures taken by State Bank of Pakistan to check the free fall of Rupee against the US dollar, Rupee gained 3.2%. Fluctuation was witnessed during the day in the value of Pakistani rupee after which it settled at Rs.71.40 against 1 US dollar.
Curbs enforced by State Bank of Pakistan include suspension of forward booking of dollar, reducing advance payment against imports to 25% instead of 50%, reducing the trading time and handling the payment of oil imports.
Government plan to give relief to Textile sector - proposed cut in gas rates
Islamabad: In an attempt to stop the textile industry owners from shutting of their unit from the 11th of June, the government has principally decided to give a relief of Rs. 4 billion to the industry by reducing gas prices. The relief will result in reduction of gas prices to textile sector by 50%to help the industry to compete internationally.
Karachi Stock Exchange decline halts
Karachi: The measures taken by State Bank of Pakistan to check the falling rupee brought some stability in the Karachi stock exchange. The halting trend in the decline was noted. The KSE-100 closed with a minor decline of 16.77 points leaving the KSE100 index at 11,796.47 points.
For more details on Pakistan news of July 10, 2008 visit: http://www.dawn.com/2008/07/10/index.htm
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