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January 20, 2002 Sunday Ziqa’ad 5, 1422 Draft rules ready for exchange companies: Paid-up capital fixed at Rs100m KARACHI, Jan 19: The State Bank has finalized the draft rules of business for the proposed (foreign) exchange companies. These rules would be notified after having been vetted by the Ministry... Fresh bidders to take part in sell-off: Oil, gas fields ISLAMABAD, Jan 19: Pakistan has allowed fresh bidders to take part in the privatization of its $1 billion working interests in nine oil and gas fields.... Customs staff’s strike disrupts activity KARACHI, Jan 19: Customs officers on Saturday went on strike following the FIR lodged by the FIA against some of the customs officials.... Tokyo moot begins tomorrow KARACHI, Jan 19: Hopes for the reconstruction of devastated Afghanistan rekindled as the world community prepares for Tokyo conference on January 21-22 to finalize the quantum and details of external assistance.... Wheat export plan offered to private sector ISLAMABAD, Jan 19: With an export order of 500,000 tons next season from Iraq, the government offered on Saturday a fresh scheme to private sector to export wheat surplus of 1.3... Switch from fiscal to market agenda KARACHI, Jan 19: But for very few initial steps, the journey from unfinished fiscal reforms to market agenda has yet to pick up pace to stimulate investment and trade.... United Bank privatization date may be extended ISLAMABAD, Jan 19: The Privatization Commission (PC) is considering to extend by one month the date for disinvesting United Bank Limited (UBL) to April this year instead of February as was... Carpet exports fall LAHORE, Jan 19: Pakistan’s carpet exports fell 22.35 per cent in the first half of the fiscal year 2001-02 (July-Dec) to $103.935 million from $133.848 million in the same period last... Trade disputes RIYADH, Jan 19: Saudi Arabia plans to set up tribunals to look into trade disputes, a long-standing demand by the oil-rich kingdom’s major trade partners and foreign investors.... Property prices register slight increase KARACHI, Jan 19: Arrival of around one billion dollars in home remittances during the last six months from expatriate Pakistanis has stimulated some activity in the sluggish property market particularly in... US industry pleads for weaker dollar WASHINGTON, Jan 19: US industry and labor groups pleaded on Friday with George W. Bush’s administration for a weaker dollar, a spokesman for manufacturers said.... IMF warns against big Argentine forex interventions SANTIAGO, Jan 19: A senior International Monetary Fund official on Friday warned against large central bank interventions in the Argentine foreign exchange market, which she said would be “questionable.”... Wall Street takes long weekend of recovery NEW YORK, Jan 19: A pounding for stocks over the past week left Wall Street with a long weekend to ponder whether the promised recovery was indeed on the way, and... New York cotton futures lower NEW YORK, Jan 19: NY cotton futures settled weaker on Friday as speculative sales into light stops pushed them into negative territory ahead of the holiday weekend.... Oman to issue $340.3m development bonds in ’02 MUSCAT, Jan 19: Oman plans to issue government development bonds worth $340.3 million in 2002, a central bank official said on Saturday.... Software industry census report by March LAHORE, Jan 19: Federal Bureau of Statistics (FBS) will finalize the report of the census of software industry by March next.... Rice closes higher CHICAGO, Jan 19: Chicago Board of Trade rough rice futures closed firmer Friday on speculative buying of small-lots, traders said.... Canadian wheat trade WASHINGTON, Jan 19: The United States said on Friday it would extend an investigation into Canadian wheat sales from January 22, until February 15, to study a “tremendous” response to its... Oil prices retreat LONDON, Jan 19: The price of oil bounced its way through a volatile week dominated by fresh builds in US crude stock levels that underscored the weakness of demand.... Merger collapses ATHENS, Jan 19: Greece’s two largest banks called off their 10 billion euro merger on Saturday, ending plans to create a regional giant to compete in the eurozone....