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March 22, 2002 Friday Muharram 7, 1423 FAC sets target for rice, cane, cotton: 2002-03 ISLAMABAD, March 21: In the back drop of ominous reports of resurgence of El Nino phenomenon bringing less rains during the coming Kharif season, the Federal Agriculture Committee set a target... External vs domestic economic agenda KARACHI, March 21: The quarterly report of the State Bank cautions that favourable external sector outcome should not “lull us in a false sense of complacency.”... Debt servicing cost down by Rs9.1bn KARACHI, March 21: Pakistan’s debt servicing cost is estimated to have reduced by Rs9.1 billion in the current fiscal year mainly because of appreciation of rupee exchange value against dollar.... No head way in NWFP reforms programme PESHAWAR, March 21: The NWFP government’s three-year medium term multi-sectoral reforms programme unveiled under the current financial year’s budget has yet to come into effect, according to interviews of various government... Stocks stage broad rally on heavy short-covering KARACHI, March 21: Stocks on Thursday staged a broad rally on heavy short-covering in the pivotals after a Lahore-based investor indulged in speculative manoeuvring in Hub-Power.... Banks can lend more to farmers: Development loans KARACHI, March 21: Banks can now make much larger agricultural development loans than in the past to meet increasing demand from the farming community.... Capital market $300m ADB loan likely for 2nd phase ISLAMABAD, March 21: The Asian Development Bank may lend $250 to $300 million for implementation of the second phase of capital market reforms in Pakistan.... Reckitt Benckiser profits up KARACHI, March 21: Pre-tax profit at Reckitt Benckiser Pakistan—the health, household and personal care producer— increased to Rs 144.1 million for the year ended December 31, 2001, from a year ago... Export target may be reduced ISLAMABAD, March 21: The government is likely to reduce the export target from $10 billion set for the current financial year, Dawn has learnt through an official source on Thursday.... Move to levy GST on vet medicines opposed KARACHI, March 21: Pakistan Poultry Association (PPA) has urged the government to withdraw the proposed imposition of 15 per cent sales tax from April 1 on the import of poultry, veterinary... SECP may set up body to monitor audit firms ISLAMABAD, March 21: The Securities & Exchange Commission of Pakistan (SECP) is likely to establish a statutorily independent body to function as a watchdog agency that will monitor the accounting/audit firms... Trading fails to pick up on cotton market KARACHI, March 21: Physical activity on the cotton market failed to pick up on Thursday as leading spinners kept to the sidelines most of the time awaiting new developments on the... Increased textiles export sought KARACHI, March 21: Towel Manufacturers’ Association of Pakistan vice-chairman S.M.A Rizvi has urged the government and exporters to concentrate on textiles to boost exports.... Karachi Port operations KARACHI, March 21: Four container vessels are expected to arrive at the outer anchorage on Friday, according to KPT sources.... Public sector units accumulate Rs22bn losses: PAC discusses audit reports ISLAMABAD Mar 21: The federal ad-hoc Public Accounts Committee (PAC) on Thursday asked the government to review and streamline its policy towards public sector units, which have piled up accumulated losses... Euro eases ahead of US inflation data LONDON, March 21: The euro fell back from an overnight peak above $0.8850 on Thursday as investors readied for US inflation data that could give the dollar another upward nudge.... Malaysian palm oil KUALA LUMPUR, March 21: Malaysia’s palm oil futures drifted at the close on Thursday with uncertainties in China’s import quotas and India’s lack of buying interest putting pressure on fundamentals, traders... ST Ordinance ISLAMABAD, March 21: President Gen Pervez Musharraf on Thursday promulgated the Sales Tax (Amendment) Ordinance, 2002.—APP... 36 sick units auctioned LAHORE, March 21: In the last one year, the Corporate and Industrial Restructuring Corporation (CIRC) has auctioned some 36 units with an outstanding amount of Rs6 billion.... Dhaka Fair MoUs worth $5.3m signed KARACHI, March 21: Participants to the Dhaka International Trade Fair (DITF) received orders worth about $700,000 from Bangladeshi buyers. In addition, the Pakistani exhibitors signed MoUs worth nearly $5.3 million, EPB...

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