ISLAMABAD (February 08, 2010): The government has increased current expenditure by Rs 299 billion, reduced development spending by Rs 253 billion for the on-going fiscal year, which economist believe is mainly to meet the expenditure being incurred on war against terrorism, following non-materialisation of pledges by the Friends of Democratic Pakistan (FoDP).

ISLAMABAD (February 08, 2010): The government has proposed 15 percent value-added tax (VAT) on import and local supply of aircraft, ships with gross tonnage exceeding 15 LDTs and poultry/cattle feeds with all ingredients, under the Federal VAT Act 2010.

ISLAMABAD (February 08, 2010): Over 800 sales tax auditors/senior auditors would go on countrywide strike from Monday (today) against the prolonged delay in their promotions within the new organisational structure of the Inland Revenue Service (IRS).

ISLAMABAD (February 08, 2010): The Trading Corporation of Pakistan (TCP) has received the lowest bid of $723.20 per ton for 50,000 tons of white sugar against its first tender for 150,000 tons, but the accompanying bid bond has been established in the shape of a Standby Letter of Credit (SBLC) by Dubai Bank Kenya Ltd in Nairobi for $750,000.

KARACHI (February 08, 2010): Transparency International Pakistan (TIP), which is endeavouring hard to ensure 'zero tolerance' on corruption and procurement, has come out hard on Port Qasim Authority's clarification with regard to the alleged "misprocurement by PQA, causing loss of Rs 87 million Channel Maintenance Dredging Works 2009-2010, " highlighted by TIP in its letter sent to Vice-Admiral Asad Qureshi (Retd) Chairman, PQA, last month.

NEW YORK (February 08, 2010): As many as 50 people may have been killed in an explosion Sunday at a US energy plant in Connecticut, a hospital spokesman told AFP, adding a search and rescue operation was under way. "The reports vary from a few, several to possibly as many as 50 dead," Brian Albert from the Middlesex hospital, which was treating several of those injured in the blast, told AFP.

LASHKAR GAH (February 08, 2010): Taliban militants are digging in ahead of a major Nato operation in Helmand province in southern Afghanistan, in one of the biggest offensives in the eight-year-old war. US Marines are set to launch an operation within days to take Marjah, an area of lush farmland criss-crossed by canals in the centre of Helmand, Afghanistan's most violent province.

KARACHI (February 08, 2010): The rupee, somehow, managed to recover modestly against both dollar and euro during the week ended on February 6, 2010. On the interbank market, the rupee rose by seven paisa versus US currency for buying at 84.98 and eight paisa for selling at 85.02.

KARACHI (February 08, 2010): Thailand officials have refused to supply sugar to Pakistan on government-to-government basis, and have asked to approach private firms. Sources told Business Recorder on Saturday that the federal government had asked TCP to negotiate with leading exporters of sugar like Thailand, China and Brazil for import of sugar on government-to-government basis.