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February 20, 2002 Wednesday Zilhaj 7, 1422 Banks make modest cut in lending rates: July-Dec 2001 KARACHI, Feb 19: Finally the banks have lowered their lending rates in a belated response to repeated cuts in the State Bank discount rate and the government treasury bills rate. But... Shipping cos allowed to open FCY accounts KARACHI, Feb 19: The State Bank has allowed shipping companies to open and operate foreign currency accounts in Pakistan for receipts and payments of foreign exchange.... Textile sector criticizes US package KARACHI, Feb 19: Strong resentment is being expressed by the textile sector over the US economic package, as, according to them, it carries no benefit for trade and industry as a... Canadians keen on joint ventures KARACHI, Feb 19: Canadian entrepreneurs are seeking joint ventures in the information technology, food industry, auto parts, telecom, health care and education.... Stocks recover 30 points on heavy short-covering KARACHI, Feb 19: Stocks on Tuesday recovered from the previous lows boosted by heavy short-covering in most of the leading base shares after the leading institutional traders provided the needed push... Home remittances cross $1bn mark KARACHI, Feb 19: Home remittances or the money sent back home by overseas Pakistanis crossed the one billion dollar mark in the first seven months of this fiscal year.... Pakistan, Turkey to undertake joint projects KARACHI, Feb 19: Pakistan Turkey Business Council of the FPCCI signed a joint communique with its Turkish counterparts on sectoral meetings held between private sector of Pakistan and Turkey on February... Export finance for wheat, bones KARACHI, Feb 19: The State Bank has informed all banks through a circular that wheat has been put on the list of the items whose exporters are eligible for seeking export... Merger CALIFORNIA: Hewlett-Packard heir Walter Hewlett, waging all-out war against a planned merger of HP and Compaq, offered Tuesday an alternative plan to boost value and profits.... Wheat export tender cancelled KARACHI, Feb 19: The government said on Tuesday it had cancelled a tender for the export of 100,000 tons of wheat, after receiving unsatisfactory bid prices.... Tax may be levied on urea export ISLAMABAD, Feb 19: The government is likely to levy tax on export of urea/fertilizers.... Spinners, mills keep to sidelines KARACHI, Feb 19: Cotton market on Tuesday lacked normal trading interest as spinners and mills kept to the sidelines followed by reports of higher arrivals of phutti into the ginneries and... Revenue target cut to Rs414bn ISLAMABAD, Feb 19: The government has cut its revenue collection target by Rs16 billion with the approval of the International Monetary (IMF).... Ratings maintained LAHORE, Feb 19: The Pakistan Credit Rating Agency has maintained First Grindlays Modaraba’s financial strength rating at “A2” (A two), the highest rating assigned to any modaraba.... Karachi Port operations KARACHI, Feb 19: Six ships including a rice loader, Marine Trader, to load 13,000 tons of the commodity are due to arrive at the outer anchorage on Wednesday, according to KPT... Tax bar office-bearers KARACHI, Feb 19: In the forty-fifth annual general meeting of the Income Tax Bar Association, Karachi following office bearers and members of managing committee have been elected unopposed for the term... Most Asian stock markets lower TOKYO, Feb 19: Share prices on Asia’s main stock markets traded lower Tuesday on a lack of fresh news led by Tokyo, where US President George W. Bush’s visit could not... Sales up ARKANSAS, Feb 19: Wal-Mart Stores, the world’s biggest grocer, said Tuesday its net profit surged 9.2 per cent to a record high in the 3 months to Jan 31....

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