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EDITORIAL (July 04, 2009): Undoubtedly, irrigation and drainage are critically important to our irrigated agriculture, which is the backbone of the economy. The approval of 50 million dollars International Development Association (IDA) credit by World Bank for the Sindh On-Farm Water Management Project should, in a way, mean happy tidings for about half of the Sindh province's 35 million people, who populate its rural areas, with one-third of them living below the poverty line.

Power stations for industrial estates

EDITORIAL (July 04, 2009): The Sindh government's plan to set up power stations of 200, 100 and 50 megawatts in the industrial estates, in the province, to cater to their power requirements, is obviously a last-ditch attempt to contain the mounting production losses arising from prolonged power outages.

Resolving the power crisis

EDITORIAL (July 04, 2009): Following street protests by traders, as well as ordinary citizens, and Wednesday's attack on the Lahore Electric Supply Company (Lesco) office over the 18-hour long power outages, Prime Minister Yousuf Raza Gilani announced the setting up of a special cabinet committee, comprising four federal ministers and two advisors.

Former ICC chief warns against India-led cartel

KARACHI (July 04, 2009): A Pakistani former head of cricket's international governing body on Friday accused India of exploiting its financial clout by trying to form a cartel of top nations. Former International Cricket Council (ICC) president Ehsan Mani warned against attempts to create a divide in international cricket by allowing a top tier with Australia, England, India and South Africa.

Asia music industry's testing ground

ARTICLE (July 04, 2009): Rampant piracy and a crumbling market for CDs has put the music industry in Asia under immense pressure, but experts are hoping that technology and social media will help fill the gap. While demand for music continues to rise across the region, the global economic downturn has accelerated the Internet-fuelled fall in sales of physical music.

Revised Rates of Debt Securities

KARACHI (July 04, 2009): The following were the revised rates of debt securities on Friday (July 03, 2009).

THE RUPEE: dollar inches up

KARACHI (July 04, 2009): Bearish sentiment was witnessed on the interbank market on Friday as the rupee shed two paisa against dollar for buying and selling at 81.52 and 81.57, dealers said. Persisting demand for dollars did not allow the rupee come out the weak spells in terms of the US currency, they said.

Tarin expresses urgency to privatise Wapda and Railways

ISLAMABAD (July 04, 2009): The Advisor to Prime Minister on Finance, Shakat Tarin, has said that the government does not have the financial resources to pay huge subsidies, amounting to almost 5 percent of GDP, to Wapda and Railways alone. Addressing, as chief guest, the conference on 'Privatisation with Public Private Partnership' (PPP), he said that "these bleeding giants need to be privatised" so that the private sector could turn them around and make them successful business ventures.

Ending subsidy on power: Tarin says IMF to be urged to extend deadline

ISLAMABAD (July 04, 2009): Pakistan will seek six-month waiver, from International Monetary Fund (IMF), for ending subsidy on electricity from June 30, said Advisor to Prime Minister on Finance Shaukat Tarin. Talking to media here on Friday after the Conference on Privatisation with Public Private Partnership, he said that formal request for additional $4 billion 'Flexible Credit Line' (FCL) facility was sent to IMF, which would be approved by its board in the next session.

Injured Murali out of first Test

GALLE (July 04, 2009): Muttiah Muralitharan was on Friday ruled out of the first Test against Pakistan with a knee injury, dealing a huge blow to Sri Lanka's bid to win the emotionally-charged series. The spin wizard hurt his patella tendon during training on Thursday and will sit out of the opening game of the three-Test series starting at the Galle International Stadium on Saturday.

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