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October 18, 2001 Thursday Rajab 30, 1422 State Bank outlines procedure: ADB facility to finance LC KARACHI, Oct 17: The State Bank told banks on Wednesday that the Asian Development Bank facility to finance confirmation of letters of credit would cover up to 100 per cent of... Southern region collects Rs8.2bn in direct taxes KARACHI, Oct 17: The Income Tax Department (Southern region) has collected Rs8.2 billion in direct taxes during July-September 2001, registering an eight per cent fall over the corresponding period last year,... Auto sales drop in September KARACHI, Oct 17: The sales of automobiles were hit last month by uncertainties in domestic market caused by September 11 terrorist attacks on the United States followed by increase in prices.... Hubco lenders approve dividend KARACHI, Oct 17: The Hub Power Company Limited (Hubco) announced on Wednesday that the lenders had approved the ‘company’s request for payment of an interim dividend’.... Textile sector leads stocks upward drive KARACHI, Oct 17: Stocks on Wednesday resumed their upward drive boosted by good corporate announcements from Hubco and PSO and credible performance turned in by the textile sector followed by reports... OGDCL post-tax profit up by 50pc ISLAMABAD, Oct 17: The after-tax profit of the Oil and Gas Development Company Limited (OGDCL) for the year 2001 stood at Rs20.644 billion against Rs10.555 billion showing an increase of around... SBP makes second cut in T-bills yield KARACHI, Oct 17: The State Bank on Wednesday cut maximum yield on six-month and one-year treasury bills for the second time during this month. This reinforces an earlier SBP signal that... KSE unveils list of top 25 companies KARACHI, Oct 17: The Karachi Stock Exchange unveiled on Wednesday the list of top 25 companies for the year 2000, with nearly half of the corporates, managing to retain their place... US attacks to prolong Asian slump: WB MANILA, Oct 17: East Asia’s economic slump is likely to last well into next year with the terrorist attacks in the United States slowing efforts to reduce the region’s sprawling poverty,... Saudi Arabia, Iran vow to uphold oil price stability RIYADH, Oct 17: Opec heavyweights Saudi Arabia and Iran pledged on Wednesday to do whatever is necessary to maintain stability in the oil market, after talks between their oil ministers.... APEC ministers start meeting on trade issues SHANGHAI, Oct 17: Asia-Pacific nations on Wednesday began a meeting which is set to adopt a united stand against terrorism and stress the need for new trade talks to reinvigorate the... Dollar up in Tokyo trading TOKYO, Oct 17: The dollar rose against the yen on news the Bank of Japan (BoJ) may adopt a more radical monetary policy to beat inflation but gains were capped prior... Japan flirts with new measures to boost economy TOKYO, Oct 17: Tokyo will pursue tax-related stimulus measures rather than additional spending to boost the economy, Japan’s finance minister said on Wednesday as lawmakers failed to pass a draft $22.5... New York cotton futures firmer NEW YORK, Oct 17: NY cotton futures bucked an early visit to fresh contract lows as local and speculative buying enabled the market to finish firmer on Tuesday although the overall... Microsoft, Samsung tie up SEOUL, Oct 17: Microsoft Corp. and South Korea’s Samsung Electronics Co. on Wednesday agreed to forge a strategic alliance on digital home technologies, the companies announced.... ‘War risk levy adds to economic woes’ SINGAPORE, Oct 17: War-risk surcharges imposed on commodity shipments to Pakistan are hitting trade profit margins and threatening the economy, Pakistan’s minister for communication and railways said on Wednesday.... Procedure for zero-rated supplies: Goods for Afghan DPs ISLAMABAD, Oct 17: The Central Board of Revenue (CBR) has notified procedure and conditions for making zero rated supplies against international tenders for Afghan refugees.... Spinners active on cotton market KARACHI, Oct 17: An air of optimism prevailed on the cotton market on Wednesday as spinners made active covering purchases buoyed by reports of 15 per cent increase in textile export... Asian bourses higher TOKYO, Oct 17: Asian markets ended higher on Wednesday as a better than expected earnings announcement from IBM overnight spurred revived interest in technology issues.... Potato exports GILGIT, Oct 17: The net income earned from potato exports from various areas of Gilgit and Baltistan is estimated at Rs75 million for the current year, potato growers said on Wednesday....

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