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December 16, 2001 Sunday Ramazan 30, 1422 Diesel prices cut by 13.4pc KARACHI, Dec 15: The Oil Companies Advisory Committee (OCAC) on Saturday slashed the prices of high speed diesel (HSD) and light diesel oil (LDO) by 13.4 per cent and 3.5 per... Govt borrowing starts falling KARACHI, Dec 15: The government has started reducing its net borrowing for budgetary support to keep it at the IMF-prescribed level of minus Rs54 billion at end-June.... Reinsurance pool plan hits snags KARACHI, Dec 15: The setting up of a Rs750 million reinsurance pool to provide terrorism cover is proving to be a non-starter as big players of the insurance industry are reported... KSE takes steps to check ‘fake’ fax messages KARACHI, Dec 15: KSE has decided that all listed companies and issuers of listed securities will use fax machines to fax financial results/material information only through telephone numbers, which have been... Single global financial framework encouraged: GAAP report 2001 KARACHI, Dec 15: Ever since the emergence of International Accounting Standards (IAS)—which have now transformed into International Financial Reporting Standards (IFRSs)—the regulators and professional accountants in Pakistan have continued to debate... India needs borrowing to meet shortfall MADRAS, Dec 15: India’s Finance Minister Yashwant Sinha said on Saturday India needed additional market borrowings to meet a revenue shortfall.... KCCI inducts newly-elected office-bearers KARACHI, Dec 15: The 40th Annual General Meeting of the Karachi Chamber of Commerce and Industry (KCCI) that was adjourned three times earlier due to stay order of Sindh High Court,... Oil producers ALGIERS, Dec 15: Opec chief and Algeria’s Energy Minister Chakib Khelil hailed on Saturday what he described as the cooperative spirit between Opec and non-Opec members as they sought to stabilise... NWFP govt comes to BoK rescue PESHAWAR, Dec 15: NWFP government’s decision to invest Rs250m as equity in the provincial public sector Bank of Khyber helped it (BoK) to fulfil the State Bank Rs750m paid-up capital limit... Chip industry SAN FRANCISCO, Dec 15: The boom-and-bust semiconductor industry, closing out its worst year in decades, will at best tread water in 2002, analysts say — bad news for investors who’ve pushed... Stocks finish pre-Eid holiday session on easy note KARACHI, Dec 15: Stocks finished the pre-eid holiday session on an easy note despite late selling amid fears of border tension with India after the terrorist attack on the Indian parliament... Bush urges Senate to pass stimulus package WASHINGTON, Dec 15: President George W. Bush ratcheted up pressure on the US Senate on Saturday to pass a stimulus package, saying failure to do so could cost 300,000 jobs and... US corn, poultry sail for Cuba: first in 40 years WASHINGTON, Dec 15: Two ships carrying US corn and poultry meat were scheduled to arrive in Havana on Sunday, carrying out the first sales of US food to Cuba since it... Japan’s tax reform process derided as slapstick TOKYO, Dec 15: Japan’s ruling party came under fire on Saturday for protecting tradition and special interests in its long-awaited review of the tax system, contrary to Prime Minister Junichiro Koizumi’s... Opec cuts output by 3.02m bpd in 2001: MEES DUBAI, Dec 15: The 10 Opec members states have reduced crude oil production by 3.02 million barrels per day (bpd) so far this year, the Middle East Economic Survey (MEES) reports... Euro seen as a safe harbour of financial stability LAEKEN, Dec 15: As five euro zone countries were already selling “starter packets” of euro coins, EU leaders on Saturday hailed the common currency that enters circulation in 16 days as... New York cotton futures firmer NEW YORK, Dec 15: NY cotton futures finished firmer on Friday when late trade and speculative buying into stops sparked a surge in the market which operators believe may spill over... Wall Street gets late boost NEW YORK, Dec 15: Stocks struggled to close with modest gains on Friday at the end of a lackluster session as investors mulled the outlook for the US economy next year.... Iran’s Pars gas field goes on stream TEHRAN, Dec 15: Iran is to start exploitation on Saturday of phases two and three of the giant offshore South Pars Gas field it shares with Qatar, the semi-official Iran newspaper... EU leaders eye new euro coins LAEKEN, Dec 15: European Union leaders gathering at an EU summit in Laeken were treated to a taste of the new single European currency on Saturday when they were handed starter...

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