DAWN - Business; May 13, 2008

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May 13, 2008	Tuesday	Jamadi-ul-Awwal 7, 1429

PML-N’s pullout jolts business confidence KARACHI, May 12: The PML-N’s decision to pull out from the coalition government over the judges’ issue has jolted the businessmen’s confidence. They foresee a worst economic meltdown if the judges’ issue is not resolved on a permanent basis....		Inflation at all-time high of 17.21pc ISLAMABAD, May 12: Inflation surged to an all-time high of 17.21 per cent in April on the back of spiralling food and energy prices, but the coalition government is yet to initiate any measures to bring it down....

Budget likely to be delayed KARACHI, May 12: The timely presentation of federal and provincial budgets is now in serious doubts after a formal announcement by the Pakistan Muslim League (N) to quit the coalition government....		Dollars to start pouring in soon: Pacts with donors KARACHI, May 12: Agreements with multilateral donors will start pouring dollars in a few weeks that will settle the supply-demand dynamics in the market, said the State Bank of Pakistan on Monday....

Wheat import target raised to 2.5m tons ISLAMABAD, May 12: Prime Minister Yusuf Raza Gilani on Monday decided that the government will import a total of 2.5 million metric tons of wheat including the 1.5...		Rice to stay costlier RAWALPINDI, May 12: Rice prices have skyrocketed by around 76 per cent between December 2007 and April 2008, according to the ‘Rice Price Index’, released by the United Nations Food and Agriculture Organisation (FAO) on Monday....

PS sales up by 31pc KARACHI, May 12: Sales of Pakistan Steel Mills during the first 10 months (July-April) of the current fiscal year rose by 31 per cent to Rs31,212 million as against Rs23,830 million...		Oil hits record high at $126.40 LONDON, May 12: The price of crude oil struck a record high $126.40 a barrel on Monday amid tensions in the Middle East and ongoing supply fears in Nigeria, traders said....

FBR eyes 16pc tax-to-GDP ratio in 10 years ISLAMABAD, May 12: The Federal Board of Revenue (FBR) has sought “out of the box” proposals from the business community to meet with the challenge of improving tax-to-GDP ratio from 10.7...		RTO collects Rs70bn in 10 months KARACHI, May 12: The Regional Tax Office, Karachi, has collected Rs70.656 billion in revenue during first ten months (July-April) of the current fiscal year against Rs58.812...

Stocks stage snap rally, gain 58 points KARACHI, May 12: Stocks staged a snap rally after early steep fall on Monday as leading shares came in for active short-covering at the lower levels, pushing the index modestly higher by 58 points at 14,286.61...		China’s inflation up to 8.5pc BEIJING, May 12: China’s inflation rate rose to 8.5 per cent in April to stay near 12-year highs, the government said on Monday, warning tougher measures were needed to solve the nation’s most intractable economic problem....

Karachi Port operations KARACHI, May 12: Five ships carrying RBD palm oil, crude oil and containers are expected to arrive at the outer anchorage on Tuesday, according to KPT sources....		Port Qasim KARACHI, May 12: Four ships carrying palm oil, coal, chemicals and crude oil were accommodated berths during the last 24 hours, said a PQA press release on Monday....

British data raises doubt over June rate cut LONDON, May 12: British economic data published on Monday has heightened inflation worries, reducing the prospect of a fresh interest-rate cut by the Bank of England in June, analysts said....		Lint trading resumes on cheerless note KARACHI, May 12: Trading resumed on a cheerless note on the cotton market on Monday as spinners and mills remained conspicuous by their absence....

Cheap car project MUMBAI, May 12: Renault-Nissan and India’s Bajaj group said on Monday they planned to make a $2,500 car by early 2011, the second effort to make a cheap car for the South Asian nation’s rapidly growing middle class....		Euro falls LONDON, May 12: The dollar advanced against other major currencies on Monday as the market awaited a raft of economic data this week for fresh leads clues on the extent of the US economic slowdown, dealers said....

Container handling KARACHI, May 12: The Karachi port handled a record number of one million boxes during the first 10 months (July to April) of the current fiscal, showing that 96,231 more containers...		Indian rupee weakens MUMBAI, May 12: The Indian rupee weakened past 42 per dollar for the first time in more than a year on Monday after data showing factory output grew at its slowest...

Asian stocks close mostly higher HONG KONG, May 12: Asian stocks closed mostly higher on Monday despite concerns about inflation due to near-record-high oil prices and official data showing surging food prices in China....		Palm oil prices up JAKARTA, May 12: Indonesian palm oil prices rose on Monday, bolstered by a 3.7 per cent jump in Malaysia crude palm oil futures, but dealers said higher prices triggered cautious trading....

Gold falls with dollar rise LONDON, May 12: Gold fell on Monday after erasing overnight gains, as the dollar’s recovery against key currencies lowered the metal’s appeal as an alternative investment....