Kerry-Lugar package: Pakistan hopes to receive $800 million by September
Pakistan is hoping to receive $800 million under Kerry-Lugar package by September 2010 of which $195 million would be for budgetary support. This was stated by Secretary Finance Salman Siddique here on Wednesday during a media talk. An amount of $500 million was budgeted on account of Kerry Lugar inflows for the next fiscal year more... (BR)

Pakistan risks IMF, tranche if tax reform fails
A delay in implementing a new sales tax in Pakistan after October may disrupt the delivery of vital assistance from the International Monetary Fund (IMF), finance officials and analysts said on Wednesday. Pakistan was due to implement a value-added tax (VAT) or a reformed general sales tax of 15 percent by July 1, but the 2010/2011 budget deferred imposition of the tax until October 1 because of a failure to reach consensus among provinces more... (BR)

Foreign investors repatriate $729.6 million in July-May
Despite slow economic activity, repatriation of profit and divined by foreign investors increased to $729.6 million during July-May period of the current fiscal year. Although, during July-April repatriation of profit and dividend was on 10 percent decline, in May 2010 the repatriation of amount posted a massive increase and overall repatriation of profit and dividend in July-May of current fiscal has reached equal to same period of last fiscal year more... (BR)

SC to hear 18th amendment, NRO petitions on July 5
The postponement was caused by the non-availability of a member of the 17-judge bench hearing the cases more... (D)

McChrystal says resigned for sake of Afghan mission
US General Stanley McChrystal said Wednesday he resigned as commander of Nato-led forces in Afghanistan out of a commitment to troops and "to see the mission succeed." "This morning the president accepted my resignation as commander of US and Nato coalition Forces in Afghanistan," McChrystal said in a statement issued shortly after President Barack Obama announced he was replacing the general more... (BR)

Nirupama Rao arrives
Indian Foreign Secretary Nirupama Rao arrived in Islamabad on Wednesday evening to set agenda aimed at paving the way for the much awaited two foreign ministerial level meeting scheduled to be held on July 15. The Indian Foreign Secretary would hold meeting with his Pakistani counterpart Salman Bashir and set modalities for the meeting between Foreign Minister Shah Mehmood Qureshi and his Indian counterpart S M Crishna next month more... (BR)

£665 million assistance promised: UK has no objection to IP deal, says Hague
The British Foreign Secretary, William Hague, has said that Britain's new government would provide 665 million pounds sterling to Pakistan in assistance for the next four years. He stated this at a joint press conference with Pakistani counterpart Shah Mehmood Qureshi here during his three-day official visit to Pakistan after assuming charge as Foreign Secretary more... (BR)

Oil refineries: OMCs ask MoP to conduct 'material balance audit'
The oil marketing companies (OMCs) have approached the Ministry of Petroleum to conduct 'material balance audit' of oil refineries which they alleged had misdeclared products, resulting in fuel shortage, Business Recorder has learnt. Sources in Petroleum Ministry told Business Recorder that the OMCs had raised doubts over the quantity of refined products offloaded in the market, and alleged that refineries were inking fuel supply deals with the dealers "under the carpet" more... (BR)

Punjab Bank loan scam: Hamesh Khan's physical remand extended
An accountability court here on Wednesday extended physical remand of Hamesh Khan, main accused of Rs 9 billion Punjab Bank loan scam, for next 14 days. The court also sent his co-accused Sheikh Afzal of Haris Steel Mills on physical remand till July 7 more... (BR)