DINA for the issue of June 01, 2012

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D A W N I n t e r n e t N e w s A l e r t
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June 01, 2012 Friday Rajab 10, 1433
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The DAWN Internet News Alert (DINA) is a free daily news-service
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(c) Pakistan Herald Publications (Pvt.) Ltd., Pakistan - 2012

The link at the end of each extract can be used to access the
complete story on DAWN - the Internet Edition.


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Economic Survey 2011-12: Most targets missed; fiscal deficit widens to 4.3pc
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By Khaleeq Kiani
ISLAMABAD, May 31: The fiscal year that is about to end was a bad one. This is the unsurprising gist of the Economic Survey 2011-12.

The official data only confirmed the already existing general perception that the current financial year was bad economically because most targets set last year were not met and key challenges remained just that — key challenges...

http://dawn.com/2012/06/01/economic-survey-2011-12-most-targets-missed-fiscal-deficit-widens-to-4-3pc/


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Accord to buy 1,000MW from Iran signed
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By Our Staff Reporter
LAHORE, May 31: Pakistan signed an agreement with Iran on Thursday for purchase of 1,000MW electricity, said a spokesman for the National Transmission and Dispatch Company (NTDC).

The agreement was signed during talks in Tehran between Pakistani delegation headed by NTDC managing director Rasul Khan Mehsud and the Iranian delegation led by Deputy Minister for Energy Muhammad Behzad...

http://dawn.com/2012/06/01/accord-to-buy-1000mw-from-iran-signed/


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President sends reference on new provinces
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By Shamim-ur-Rahman
KARACHI, May 31: President Asif Ali Zardari sent a reference to the Speaker of the National Assembly on Thursday night, calling for the formation of a commission comprising six senators, six MNAs and two members of the Punjab Assembly to look into issues relating to creation of two new provinces, Multan and Bahawalpur, and initiate the process of amendments to the Constitution for the purpose.

The president's spokesman Senator Farhatullah Babar said the commission would submit its report in a month, to be followed by the process for constitutional amendments...

http://dawn.com/2012/06/01/president-sends-reference-on-new-provinces/


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Power house shut down
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LAHORE: Trees near the switchyard of Tarbela dam's power house caught fire on Thursday night, threatening the transmission lines and forcing the authorities to suspend supply of about 1,400MW to the national grid.

According to sources in the ministry of water and power, the equipment and machinery of the power plant were safe and in working condition...

http://dawn.com/2012/06/01/power-house-shut-down/


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Prices of petrol, diesel and other products reduced
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By Kalbe Ali
ISLAMABAD, May 31: The government reduced prices of all petroleum products on Thursday, to be effective for the next fortnight.

At the same time, the petroleum levy was raised to its optimum level which will generate an additional Rs15 billion over the next fortnight...

http://dawn.com/2012/06/01/prices-of-petrol-diesel-and-other-products-reduced/


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US military officers trickle back into Pakistan
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WASHINGTON, May 31: The United States has sent a handful of military officials back into northwestern Pakistan in a sign the two countries may be able to achieve some low-level military cooperation despite a string of confrontations that have left Washington's relations with Islamabad in crisis.

Two US officers have been sent in the last few weeks to Peshawar, a US official said, restoring after a months-long absence a US military presence to the region...

http://dawn.com/2012/06/01/us-military-officers-trickle-back-into-pakistan/


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Tax revenue likely to go up by Rs150bn
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By Our Staff Reporter
ISLAMABAD, May 31: Finance Minister Abdul Hafeez Shaikh presents on Friday his third and the PPP-led coalition government's fifth budget in the National Assembly with additional taxation measures of about Rs150 billion, about Rs40 billion reduction in subsidies and an overall fiscal deficit of slightly over Rs1.130 trillion or 4.9 per cent of the GDP.

With elections in mind, the budget will offer a sweetener for government employees in the shape of 20-25 per cent increase in salaries and pensions and medical allowance depending on the final decision of the cabinet. It will enhance the federal excise duty on foreign air travel expenses, double the general sales tax on sugar from the existing 8 per cent and increase gas development cess to industrial, fertiliser and power sectors...

http://dawn.com/2012/06/01/tax-revenue-likely-to-go-up-by-rs150bn/


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PML-N keeps to itself its plan for NA session
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By Raja Asghar
ISLAMABAD, May 31: Whatever hell his apparently desperate political foes may play, Prime Minister Yousuf Raza Gilani will mark a milestone in parliament on Friday by making it to his coalition government's fifth budget.

On the eve of the simultaneous budget sessions of the National Assembly and Senate, all signs were that the credit the ruling Pakistan People's Party (PPP) claims for the feat will not go unchallenged...

http://dawn.com/2012/06/01/pml-n-keeps-to-itself-its-plan-for-na-session/


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Energy crisis main constraint in growth
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By Nasir Iqbal
ISLAMABAD, May 31: The Economic Survey for 2011-12 concedes that energy outage was the dominant constraint on the overall growth and the estimated cost of the power crisis to the economy is approximately Rs380 billion a year, around two per cent of the GDP.

"I acknowledge that government's performance in the energy sector is not up to the mark," Finance Minister Dr Hafeez Shaikh said in a guarded tone at the launch of the survey on Thursday. He agreed that the excessive loadshedding had left the people angry and hurt...

http://dawn.com/2012/06/01/energy-crisis-main-constraint-in-growth/


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Saudi officer hurt in brawl at airport
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By Mohammad Asghar & Ikram Junaidi
RAWALPINDI, May 31: A Saudi military officer was assaulted by Airport Security Force (ASF) personnel when he argued with an official over the stopping of his son during the security check-in of passengers for a Saudi Arabian Airline flight on Thursday. The Saudi officer was reported to have been seriously injured.

Interior Minister Rehman Malik and Defence Secretary Nargis Sethi sought reports about the incident from the Federal Investigation Agency (FIA) and Civil Aviation Authority (CAA)...

http://dawn.com/2012/06/01/saudi-officer-hurt-in-brawl-at-airport/


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Karachi Stocks Down 85.14 Points:
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KARACHI, May 31: At close of trading, the KSE-100 index was at 13786.62, down 85.14 points.
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Forex Update:
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KARACHI, May 31: The Pakistani Rupee was traded at 94.5 to the US Dollar in the open market.
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