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February 26, 2002 Tuesday Zilhaj 13, 1422 Gas shortfall looms ISLAMABAD, Feb 25: Pakistan is estimated to face a natural gas shortfall of 3,600 to 6,000 million meter cubic feet per day (mmcfd) by the year 2020 if pipeline projects for... Rice export trade in jeopardy KARACHI, Feb 25: Acute shortage of rice varieties like basmati (385), Irri-9 and 386 (non-basmati), which are normally in great demand in the world market, has put export trade of rice... Islamabad, Kabul agree to open bank branches ISLAMABAD, Feb 25: Pakistan and Afghanistan have agreed to open the branches of each other commercial banks in Kabul, Kandahar, Jalalabad, Peshawar and Quetta.... $40-60bn a year aid needed for achieving MDGs: WB assessment WASHINGTON, Feb 25: The World Bank estimates that financing the successful achievement of a key set of development goals known as the United Nation Millennium Development Goals (MDGs) could cost in... India, Pakistan ratings below investment grade KARACHI, Feb 25: Regional tensions have emerged as an important impediment in increased private capital flows, specially foreign direct investment and add to drags on sovereign ratings of both India and... 3 private banks income surges KARACHI, Feb 25: Three private banks have pushed up their incomes considerably in the second half of 2001, mainly because of the enlargement of spread and a lowering of tax rate.... Forex rules relaxed KARACHI, Feb 25: The State Bank has allowed the banks to hold 20 per cent of their time and demand liabilities abroad instead of 15 per cent, according to a circular... Japan fails to reach agreement: Anti-deflation measures TOKYO, Feb 25: Senior Japanese economic ministers failed on Monday to agree on new measures due out later this week to halt a slide in prices in Japan and breathe life... GCC hopeful of finalizing free-trade deal with EU DUBAI, Feb 25: Gulf Arab states head for a summit with the European Union in Spain on Wednesday confident of signing a free-trade agreement after their recent endorsement of a regional... ECB chief tries to convince China on euros BEIJING, Feb 25: European Central Bank (ECB) president Wim Duisenberg on Monday began a trip to China by pushing the case for the euro to the country with the world’s second... German industry to back EU takeover rules BERLIN, Feb 25: Germany’s industry federation (BDI) said on Monday it would welcome common takeover rules in the European Union, including an end to “golden shares” that confer special voting rights... Burgan oilfield cuts output KUWAIT CITY, Feb 25: A leak at an oil-gathering centre in Kuwait’s Burgan oilfield has cut production by 60,000 barrels per day, or two-thirds of its output, a Kuwait Oil Co.... Kenyan tea prices rise MOMBASA, Feb 25: Kenya tea prices firmed at Monday’s auction as exporters stocked up because of fears supply would shrink due to dry weather, traders said.... Indonesia to revitalize four key industries JAKARTA, Feb 25: Indonesia’s trade ministry has drawn up a plan to revitalize four key industries and develop seven others in an attempt to counter rising unemployment and raise exports, an... Argentina asked to present economic plans LONDON, Feb 25: The International Monetary Fund will not start talks on new loans for Argentina before the country presents plans which will allow the bankrupt nation to implement a sustainable... EU, Swiss delay talks on customs BERN, Feb 25: Switzerland and the EU have postponed a new round of talks to hammer out an accord on combating customs fraud to allow more time to try to narrow... ‘ECB policy appropriate’ VIENNA, Feb 25: European Central Bank council member Klaus Liebscher said on Monday the central bank’s current monetary policy stance was appropriate and the economic recovery would pick up speed in... China GDP growth slows to 6.7pc in Oct-Dec BEIJING, Feb 25: Chinese economic growth slowed to 6.7 per cent in the fourth quarter of last year, state media said on Monday in what could be the first official release... Reliability of audit to be ensured: Financial statements KARACHI, Feb 25: The chairman of Securities and Exchange Commission of Pakistan (SECP), Khalid A.Mirza said that the Commission was determined to see that the accountancy industry puts its house in... Asian stock markets mostly lower on profit-taking TOKYO, Feb 25: Share prices on most of Asia’s stock markets closed lower on Monday with profit-taking and local concerns weighing on investor sentiment....