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November 22, 2001 Thursday Ramazan 6, 1422 Export finance rate down to 10pc: Monthly review starts KARACHI, Nov 21: The State Bank has reduced the export finance rate from 12 to a maximum of 10 per cent for December 2001 and has announced to review the rate... SBP softens check on inter-bank forex deals KARACHI, Nov 21: The State Bank on Wednesday allowed the banks to buy and sell foreign exchange between themselves even if their buying or selling is not meant for the customers.... CBR opposes ‘tax exemption’ to OPIC ISLAMABAD, Nov 21: The Central Board of Revenue (CBR) has opposed blanket tax exemption, incorporated in a draft agreement sent by Overseas Private Investment Corporation (OPIC), on its own operations and... No lenders’ approval report issued: Hubco KARACHI, Nov 21: Eighteen minutes before the close of trading at the Karachi Stock Exchange on Tuesday — at 12:42 pm — a fax message, purporting to have originated from Hub... Leading shares come in for active support KARACHI, Nov 21: Leading shares on the Karachi Stock Exchange on Wednesday came in for active support at the lower levels, aided partly by a good interim dividend by ICI Pakistan... S. Arabia to sell shares in joint venture cos RIYADH, Nov 21: The Saudi cabinet has authorized the General Investment Fund (GIF) to sell the state’s shares in a number of joint venture companies, including the Saudi-Pakistani Industrial Development Company,... FDI up by 115pc in 4 months ISLAMABAD, Nov 21: The Foreign Direct Investment (FDI) in the country has increased by 115 per cent to $119 million during July-Oct 2001 as compared to $55.5 million of the corresponding... WRP being charged at exorbitant rates KARACHI, Nov 21: Shipping lines and their local agents are charging ten times more than the actual war risk premium (WRP), making the country’s exports uncompetitive, exporters here said on Wednesday.... China buys up euros for foreign currency reserves BEIJING, Nov 21: China has been buying up euros for its foreign currency reserves in the belief the single European currency is a safe bet for the country, a Chinese central... Economic storm clouds again over Europe, Japan LONDON, Nov 21: Economic storm clouds gathered again over Europe on Wednesday as a key survey showed German business sentiment at an eight-year low while the European Commission slashed its official... India upbeat on sugar exports in new season NEW DELHI, Nov 21: India, flush with sugar stocks, hopes to export up to two million tons of white sugar in the new season ending in September with firming up of... Opec close to winning oil war of nerves LONDON, Nov 21: Opec, a week after challenging its rivals to cut output or risk plummeting crude prices, appeared close on Wednesday to winning the dangerous game of dare that has... Malaysian palm oil prices higher KUALA LUMPUR, Nov 21: Malaysian crude palm oil futures broke a key resistance level on Wednesday and climbed across the board on short covering ahead of a public holiday and due... US cotton sales strong but below week ago NEW YORK, Nov 21: Cotton brokers said on Wednesday that US cotton exports in the weekly USDA export sales data will likely remain strong, but will not match the marketing year... Asian stock markets close mixed TOKYO, Nov 21: Asia’s main stock indexes were mixed on Wednesday with investors in the region continuing their recent pattern of bargain-hunting and profit-taking.... Yen drops against dollar TOKYO, Nov 21: The yen fell back against the dollar in Tokyo on Wednesday on a mid-afternoon report that global risk evaluator Standard and Poor’s (S and P) hinted at downgrading... Asian countries, companies urged to step up security SINGAPORE, Nov 21: Asian countries were urged on Wednesday to review their security policies and cooperate on a regional and international level following the September attacks in the United States.... Germany waiting for good projects KARACHI, Nov 21: Shorn of optimism, Germany is waiting for Pakistan to provide good projects that can be funded by the fresh debt swap offer of 100 million German marks and... Spinners keep to sidelines KARACHI, Nov 21: Physical activity on the cotton market on Wednesday was relatively slow as spinners were not inclined to chase prices further higher at least for the near term.... China to provide $25m for textile industry BEIJING, Nov 21: China has agreed to provide $25 million to Pakistan to develop its textile industry, said Commerce Minister Abdul Razak Dawood....

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